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| Table |
2012 |
2011 |
2010 |
2009 |
| 401k / 403b deferrals (under age 50) |
17,000 |
16,500 |
16,500 |
16,500 |
| 401k / 403b deferrals (includes age 50+ $5,500 401k catchup) |
22,500 |
22,000 |
22,000 |
22,000 |
| Annual addition, defined contribution (under age 50) |
50,000 |
49,000 |
49,000 |
49,000 |
Annual addition, defined contribution
(includes age 50+ $5,500 401(k) catchup) |
55,500 |
54,500 |
54,500 |
54,500 |
| Age 50 “Catch-up” 401(k) deferral (included above) |
5,500 |
5,500 |
5,500 |
5,500 |
| Maximum considered compensation, defined contribution |
250,000 |
245,000 |
245,000 |
245,000 |
| Highly Compensated Employee (determined in prior year) |
115,000 |
110,000 |
110,000 |
110,000 |
| Key Employee, Officer |
165,000 |
160,000 |
160,000 |
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| Social Security Taxable Wage Base |
110,100 |
106,800 |
106,800 |
106,800 |
| Defined Benefit limit, annual benefit limit |
200,000 |
195,000 |
195,000 |
195,000 |
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| IRA (under age 50) |
5,000 |
5,000 |
5,000 |
5,000 |
| IRA (with age 50+ $1,000 catchup) |
6,000 |
6,000 |
6,000 |
6,000 |
| SIMPLE deferral (under age 50) |
11,500 |
11,500 |
11,500 |
11,500 |
| SIMPLE deferral (with age 50+$2,500 catchup) |
14,000 |
14,000 |
14,000 |
14,000 |
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Annual addition:
Maximum annual contribution to a defined contribution plan (ie. 401(k) or profit sharing. Also limited to 100% of gross pay.
Age 50 401(k) catchup:
is an additional 401(k) deferral that must be withheld from pay for those age 50 at any time during the year.
Maximum considered compensation:
is the maximum amount that may be considered as gross pay for all qualified plan purposes, such as figuring profit sharing/matching amounts and testing. All gross pay over this limit is ignored.
Highly Compensated Employee:
look back at gross pay for the previous plan year determines status for current year. Used to determine status for non-discrimination testing. Also includes any 5% owner.
Key Employee Officer:
Using current year income is used to determine if an officer is a key employee. Used to determined status for non-discrimination testing. Also includes 1% and 5% owers.
Social Security Taxable Wage Base:
is the amount of gross pay used to calculate payroll taxes for old age social security. Any pay over this amount is ignored but still pays medicare.
Defined Benefit Limit:
The determines the maximum annual payout to a retiree receiving benefits. It is not the maximum annual contribution but is used to figure the contribution.
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