annual plan limits

Question: Provide me Annual Plan Limit Chart of Markley Actuarial Service Inc?

Ans:
As you are looking for chart so here I am providing you Annual Plan Limit Chart 2013 of Markley Actuarial Service Inc:

Compensation $255,000
Limits on benefits and contributions:
Defined contribution plans $51,000
Defined benefit plans $205,000
401(k), 403(b) and 457 plan elective deferrals $17,500
SIMPLE plan elective deferrals $12,000
IRA $5,500

Catch-up contributions:
401(k), 403(b) and 457 plans $5,500
SIMPLE plans $2,500
IRA $1,000
Highly Compensated definition $115,000

Key Employee definition:
Officer $165,000
1% owner $150,000

Social Security:
Taxable wage base $113,700
Social Security tax rate (employer) 6.20%
Medicare tax rate 1.45%
Combined tax rate 7.65%

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