of 2 /2
Annual gift tax exclusion - $14,000 Unified Credit Exemption - $5,450,000 Gift to non-citizen spouse - $148,000 Highest Estate Tax Bracket - 40% Traditional and ROTH IRA o contribution limit - $5,500 o Catch-Up for persons 50+ - $1,000 Salary Deferral for 401(k),403(b), 457(b) o Regular - $18,000 o Catch-Up for persons 50+ - $6,000 Maximum annual additions to a Defined Contribution plan - $53,000 Annual Benefit under a Defined Benefit Plan - $210,000 100 Ring Road, Suite 300 (PH), Garden City, NY 11530 Phone: (516) 663-5990, Fax: (516) 663-5996 [email protected], www.kkmehtacpa.com K.K. Mehta CPA Associates PLLC Certified Public Accountants K.K. MEHTA CPA ASSOCIATES PLLC “CUSTOMER SATISFACTION IS OUR BUSINESS..” Our services include… Tax Filing – Corporate, Partnership, Individual, Not-for-Profit, Trusts & Estates Accounting & Auditing Estate Planning Pension & Retirement Planning Representation - Tax Audits Mortgages & Loans Practices/Businesses- Buy & Sell Business & Management Advisory Services

K.K. Mehta CPA Associates PLLC · Krishna K. Mehta, CPA Ravi Badlani, CPA Praveen Gajaria, CPA Manish Majithia, CPA Nuruddin Pethani, CPA ... K.K. MEHTA CPA ASSOCIATES PLLC

Embed Size (px)

Citation preview

Page 1: K.K. Mehta CPA Associates PLLC · Krishna K. Mehta, CPA Ravi Badlani, CPA Praveen Gajaria, CPA Manish Majithia, CPA Nuruddin Pethani, CPA ... K.K. MEHTA CPA ASSOCIATES PLLC

Annual gift tax exclusion - $14,000 Unified Credit Exemption - $5,450,000 Gift to non-citizen spouse - $148,000 Highest Estate Tax Bracket - 40%

Traditional and ROTH IRA o contribution limit - $5,500 o Catch-Up for persons 50+ - $1,000

Salary Deferral for 401(k),403(b), 457(b) o Regular - $18,000 o Catch-Up for persons 50+ - $6,000

Maximum annual additions to a Defined Contribution plan - $53,000

Annual Benefit under a Defined Benefit Plan - $210,000

100 Ring Road, Suite 300 (PH), Garden City, NY 11530 Phone: (516) 663-5990, Fax: (516) 663-5996 [email protected], www.kkmehtacpa.com

K.K. Mehta CPA Associates PLLC Certified Public Accountants

K.K. MEHTA CPA ASSOCIATES PLLC

“CUSTOMER SATISFACTION IS OUR BUSINESS..”

Our services include…

Tax Filing – Corporate, Partnership, Individual, Not-for-Profit, Trusts & Estates

Accounting & Auditing Estate Planning Pension & Retirement Planning Representation - Tax Audits Mortgages & Loans Practices/Businesses- Buy & Sell Business & Management

Advisory Services

Page 2: K.K. Mehta CPA Associates PLLC · Krishna K. Mehta, CPA Ravi Badlani, CPA Praveen Gajaria, CPA Manish Majithia, CPA Nuruddin Pethani, CPA ... K.K. MEHTA CPA ASSOCIATES PLLC

Social Security Tax is calculated at

6.2% on the first $118,500

Medicare Tax is calculated at 1.45% on the full Salary and additional 0.9% on wages exceeding $200,000

Minimum Wage Rates per Hour - For Federal - $7.25 - For New York - $9.00 - For New Jersey - $8.38 - For Connecticut - $9.60

If you have 5 or more employees working for 80+ hours a calendar year, you need to provide “Paid sick leave” to your employees for up to 40 Hours

100 Ring Road, Suite 300 (PH) Garden City, NY 11530 Phone: (516) 663-5990 Fax: (516) 663-5996 [email protected] www.kkmehtacpa.com

Krishna K. Mehta, CPA Ravi Badlani, CPA Praveen Gajaria, CPA Manish Majithia, CPA Nuruddin Pethani, CPA Disclaimer: Any accounting, business or tax advice contained in

this communication is not intended as a thorough, in-depth analysis of specific issues, nor a substitute for a formal opinion, nor is it sufficient to avoid tax-related penalties. If desired, we would be pleased to perform the requisite research and provide you with a detailed written analysis.

K.K. MEHTA CPA ASSOCIATES PLLC.

– is a full service tax, accounting and consulting

firm serving the New York Metropolitan region

since 1978.

We are one of the largest accountants in the

PHYSICIANS, HEALTHCARE and HOSPITALITY

industry (solo as well as group practices) for over

35Years

Our firm strives hard to look for strategies and

techniques to minimize your taxes and assist you

in growing your business.