Your Gift from the IRS for : New Limits and Contribution Amounts

Here are some of the changes in contributions and compensation limits that are in place for :

IRA Contributions:

For those eligible, the 2006 maximum allowable contribution for a traditional IRA is $4000. This is the same for Roth IRA contributions as well. If you are age 50 or over, the “catch up” amount is an additional $1,000.

SEP Provisions:

For plan years beginning in 2006, the maximum compensation limit moves from $210,000 to $220,000
Maximum SEP Contributions for 2006 increase to $44,000 from $42,000, the limit in 2005.

Simple IRA Plans:

The non elective employer contribution wage base is $220,000.
Contribution limits for an employee remain at $10,000.
The “catch-up” provision for employees age 50 and over is $2500. This is up $500 from 2005.

401(k) Contribution Limits:

For 2006 the elective employee contribution is $15,000. This may also be subject to limitations under an employer plan. The “catch-up” provision is $5,000.
Social Security Wage Base: The new wage base is $94,200 up from $92,000 in 2005.

Annual Federal Gift Tax Exclusion:

Generosity increases $1,000 from 2005, with the new 2006 exclusion set at $12,000. In future years, this can again increase for inflation adjustments but only in $1,000 increments. It probably safe to say we won’t be seeing any increases for a while.

Federal Estate Tax Exclusion Amount:

This has moved from $1,500,000 in 2005 to $2,000,000 in 2006 and will remain level through 2008. This is still a hot potato in Washington, and what will eventually happen here is still very much up for grabs.

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What is the minimum wage again – Living Wage Vs Minimum Wage

As written in the month of October , this report focuses on a minimum wage of $ 5.15 per hour. This reader believes, however, remains that even with the recent increase in the minimum wage elements are valid, as the push for an actual gross amount of 40 hours per week to less than $ 100 a month. The increase from 2008 to workers' average income of a minimum wage of just over $ 200.00 a month, and increase his monthly income of 2009 a little over $ 300. WhenIncreases are fully effective, the minimum wage of workers earn more than $ 3300 a year for an individual 40 hours a week, as they do now.

Although many see the minimum wage as a first step towards the creation of a living wage law to increase, this report shows the country on the best ways to combat poverty are shared. The area of Los Angeles has benefited greatly by imposing a regulation of living wages. Loss of work was minimal, were the solid performance for employeesfall, there was no decrease in the number of firms that are retained for the contract and the city government was not in his ability to win or employer willing to pay decent wages affected.

Moreover, Santa Fe, NM discovered that due to the regulation of living wage, the city has experienced a 16% increase in unemployment and a loss of 540 jobs, leisure, retail and hospitality industry the workforce of the strongest.

According to Dr. DavidMcPherson, an economist at Florida State University, Arizona, when he increased the minimum wage is a correlation between the loss of a job well below the most vulnerable people, young people and the displacement of many unskilled workers.

The movements are all over the country in the halls of the city and at universities in favor of wage increases, critics make a strong argument for maintaining the status quo of the concerns about increased labor costs negatively onThe economy, employers are shifting their activities to areas of the country that do not stop living, embracing the laws of wages, or the possibility that if the work is too expensive for employers to hire or not profitable. You try to conclude that the poor do not benefit from these increases, but will lose their jobs.

Although the title of this report was how we would look to explore the pros and cons of living wage vs. minimum wage considerations, considerations, really only explored wage increases. greedy do not want to raise any kind, the poor and people who want to truly care for the poor increased, but no one wants at the expense of a strong economy and good job.

Given the different experiences of living pay increases cited in the report shows that many statistics and demographics should be considered as any other part of the country prepares to tackle this important issue.

Lives'Salary as a conviction for a week of 40 hours, allowing workers to shelter, food, utilities, transport, health, and provide a degree of recovery. Economic Policy Institute living wage is defined as a full-time workers earn wages would support a family above the average national poverty line, ranging from 100% to 130% of measuring poverty. Example: The wages of living wage ordinances specified rangea minimum of $ 6.25 in Milwaukee to a maximum of $ 12 in Santa Cruz.

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