| 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|
| 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.