Annual Plan Limits
Please see the table below.
| 2009 | 2008 | 2007 | 2006 | |
|---|---|---|---|---|
| Compensation | $245,000 | $230,000 | $225,000 | $220,000 |
| Limits on benefits and contributions: | ||||
| Defined Contribution Plans | $49,000 | $46,000 | $45,000 | $44,000 |
| Defined Benefit Plans | $195,000 | $185,000 | $180,000 | $175,000 |
| 401(k), 403(b) and 457 Plan Elective Deferrals | $16,500 | $15,500 | $15,500 | $15,000 |
| SIMPLE Plan Elective Deferrals | $11,500 | $10,500 | $10,500 | $10,000 |
| IRA | $5,000 | $5,000 | $4,000 | $4,000 |
| Catch-up Contributions: | ||||
| 401(k), 403(b) and 457 Plans | $5,500 | $5,000 | $5,000 | $5,000 |
| SIMPLE Plans | $5,000 | $2,500 | $2,500 | $2,500 |
| IRA | $1,000 | $1,000 | $1,000 | $1,000 |
| "Highly Compensated" Definition | $110,000 | $105,000 | $100,000 | $100,000 |
| "Key Employee" Definition: | ||||
| Officer | $160,000 | $150,000 | $145,000 | $140,000 |
| 1% Owner | $150,000 | $150,000 | $150,000 | $150,000 |
| Social Security: | ||||
| Taxable Wage Base | $106,800 | $102,000 | $97,500 | $94,200 |
| 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% |