888-401kinc Annual Limit on Contributions and Compensation
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Type of Limitation |
2015 $ |
2014 $ |
2013 $ |
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Annual Compensation Limit: |
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|
|
|
Qualified Plans |
265,000 |
260,000 |
255,000 |
|
SAR SEP |
265,000 |
260,000 |
255,000 |
|
SEP Compensation Limit (minimum) |
600 |
550 |
550 |
|
SEP Compensation Limit (maximum) |
265,000 |
260,000 |
255,000 |
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Limits on benefits and contributions: |
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|
|
|
Defined Contribution Plans 1 |
53,000 |
52,000 |
51,000 |
|
Defined Benefit Plans 1 |
210,000 |
210,000 |
205,000 |
|
401(k), 403(b), 457(b)(2) and 457(c)(1) 2 |
18,000 |
17,500 |
17,500 |
|
SIMPLE Plans |
12,500 |
12,000 |
12,000 |
|
IRA |
5,500 |
5,500 |
5,500 |
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Catch-up contributions: |
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|
|
|
401(k), 403(b), 457(b)(2) and 457(c)(1)3 |
6,000 |
5,500 |
5,500 |
|
SIMPLE Plans |
3,000 |
2,500 |
2,500 |
|
IRA |
1,000 |
1,000 |
1,000 |
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Highly Compensated Threshold |
120,000 |
115,000 |
115,000 |
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Key Employee Threshold: |
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|
|
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Officer |
170,000 |
170,000 |
165,000 |
|
1% Owner |
150,000 |
150,000 |
150,000 |
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Social Security: |
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|
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Income Subject to Social Security Tax |
118,500 |
117,000 |
113,700 |
|
Tax Rate |
6.20% |
6.20% |
6.20% |
|
Medicare Tax Rate |
1.45% |
1.45% |
1.45% |
|
Combined Rate |
7.65% |
7.65% |
7.65% |
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Other: |
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Tax Credit ESOP Threshold Bal |
1,070,000 |
1,050,000 |
1,035,000 |
|
Amount for Lengthening of 5 yr ESOP Period |
210,000 |
210,000 |
205,000 |
1 Effective for limitation years ending in calendar year
2 Effective for limitation years beginning in calendar year
3 Catch up contributions may only be made after the annual deferrals have been maximized either based on the annual limit, or a limitation imposed by your plan document.
