Annual Plan Limits
|
|
|
Compensation |
$245,000 |
$245,000 |
$230,000 |
$225,000 |
|
Limits on benefits and contributions: |
| |
Defined contribution plans |
$49,000 |
$49,000 |
$46,000 |
$45,000 |
| |
Defined benefit plans |
$195,000 |
$195,000 |
$185,000 |
$180,000 |
| |
401(k), 403(b) and 457 plan elective deferrals |
$16,500 |
$16,500 |
$15,500 |
$15,500 |
| |
SIMPLE plan elective deferrals |
$11,500 |
$11,500 |
$10,500 |
$10,500 |
| |
IRA |
$5,000 |
$5,000 |
$5,000 |
$4,000 |
|
Catch-up contributions: |
| |
401(k), 403(b) and 457 plans |
$5,500 |
$5,500 |
$5,000 |
$5,000 |
| |
SIMPLE plans |
$2,500 |
$2,500 |
$2,500 |
$2,500 |
| |
IRA |
$1,000 |
$1,000 |
$1,000 |
$1,000 |
|
"Highly Compensated" definition |
$110,000 |
$110,000 |
$105,000 |
$100,000 |
|
"Key Employee" definition: |
| |
Officer |
$160,000 |
$160,000 |
$150,000 |
$145,000 |
| |
1% owner |
$150,000 |
$150,000 |
$150,000 |
$150,000 |
|
Social Security: |
| |
Taxable wage base |
$106,800 |
$106,800 |
$102,000 |
$97,500 |
| |
Social Security tax rate |
6.20% |
6.20% |
6.20% |
6.20% |
|
Medicare tax rate |
1.45% |
1.45% |
1.45% |
1.45% |
| |
Combined tax rate |
7.65% |
7.65% |
7.65% |
7.65% |
|
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