2024202320222021
Compensation*$345,000$330,000$305,000$290,000
Limits on Benefits and Contributions*
Defined contribution plans
$69,000$66,000$61,000$58,000
Cash Balance/Defined benefit plans
$275,000$265,000$245,000$230,000
401(k), 403(b) and 457 plan elective deferrals
$23,000$22,500$20,500$19,500
SIMPLE plan elective deferrals
$16,000$15,500$14,000$13,500
IRA
$7,000$6,500$6,000$6,000
Catch-up Contributions
401(k), 403(b) and 457 plans
$7,500$7,500$6,500$6,500
SIMPLE plans
$3,500$3,500$3,000$3,000
IRA
$1,000$1,000$1,000$1,000
“Highly Compensated” definition*$155,000$150,000$135,000$130,000
“Key Employee” definition
Officer*
$220,000$215,000$200,000$185,000
1% owner*
$150,000$150,000$150,000$150,000
Social Security
Taxable wage base
$168,600$160,200$147,000$142,800
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%

*For Plans that are on an off-calendar year, compensation is based on the annual limits in effect at the beginning of the Plan Year while contribution limits are based on the annual limits in effect at the end of the Plan Year.