MAXIMUM PARTICIPANT AND EMPLOYER
PLAN LIMITATIONS |
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| Select Plan Year: 2012 |
| EMPLOYEE/EMPLOYER AND SELF-EMPLOYMENT TAX RATE ( SEE INDIVIDUAL TAX RATE BELOW) : |
AMOUNT |
| SELF-EMPLOYMENT DOLLAR CONTRIBUTION RATE - INCLUDING MEDICARE |
10.4%
|
| HIGHLY COMPENSATED EMPLOYEE DETERMINATION **: |
AMOUNT |
| ANY EMPLOYEE COMPENSATION TO DETERMINE HIGHLY COMPENSATED THRESHOLD |
$ 115,000 |
| INDIVIDUAL/EMPLOYER SOCIAL SECURITY TAX RATE: |
AMOUNT |
| INDIVIDUAL SOCIAL SECURITY CONTRIBUTION RATE ( WAGE BASE LIMITATION-EXCLUDING MEDICARE) |
4.2%
|
| INDIVIDUAL MEDICARE CONTRIBUTION RATE ( ALL COMPENSATION COUNTED) |
1.45%
|
| KEY "TOP HEAVY" DETERMINATION***: |
AMOUNT |
| OFFICER ANNUAL COMPENSATION THRESHOLD |
$ 165,000 |
| 10 LARGEST OWNERS |
|
| 1% OWNER ANNUAL DOLLAR COMPENSATION THRESHOLD |
$ 150,000 |
| MAXIMUM ALLOWABLE COMPENSATION WHICH DETERMINES EMPLOYER/EMPLOYEE CONTRIBUTIONS: |
AMOUNT |
| MAXIMUM ANNUAL DOLLAR COMPENSATION LIMIT |
$ 250,000 |
| MAXIMUM ANNUAL EMPLOYER/EMPLOYEE PLAN ACCRUED BENEFIT LIMIT: |
AMOUNT |
| MAXIMUM DEFINED BENEFIT DOLLAR LIMITATION (PAYABLE AS A SINGLE LIFE ANNUITY AT THE PARTICIPANTS' SOCIAL SECURITY NORMAL RETIREMENT DATE |
$ 200,000 |
| MAXIMUM EMPLOYER/EMPLOYEE CONTRIBUTION- PER PARTICIPANT - PLAN LIMITATION *: |
AMOUNT |
| DEFINED CONTRIBUTION DOLLAR LIMITATION |
$ 50,000 |
| PARTICIPANT CONTRIBUTION LIMITATION: |
AMOUNT |
| MAXIMUM 401(k),403(b) AND SARSEP |
$ 17,000 |
| PARTICIPANT CONTRIUTION LIMITATION: |
AMOUNT |
| MAXIMUM 401(k) DEFERRAL LIMITATIONS - 402(g) |
$ 17,000 |
| 457 MAXIMUM INDIVIDUAL DEFERRAL LIMITATION |
$ 17,000 |
| MAXIMUM CATCH-UP CONTRIBUTION FOR 401(k) AND 403(b) PLANS |
$ 5,500 |
| MAXIMUM DEFERRAL LIMITS - SARSEP AND 457 |
|
| SIMPLE DEFERRAL DOLLAR LIMITATION |
$ 11,500 |
| MAXIMUM DOLLAR CATCH-UP LIMITATION FOR SIMPLE PLAN |
$ 2,500 |
| SELF-EMPLOYMENT TAX RATE: |
AMOUNT |
| SELF EMPLOYMENT MEDICARE COMPENSATION CONTRIBUTION RATE |
2.9%
|
| SEP COMPENSATION TO DETERMINE ELEGIBILITY FOR SEP: |
AMOUNT |
| SEP ANNUAL DOLLAR COMPENSATION FLOOR |
$ 550 |
| SOCIAL SECURITY COVERED COMPENSATION LIMITATIONS: |
AMOUNT |
| SOCIAL SECURITY WAGE BASE COMPENSATION DOLLAR LIMITATION |
$ 110,000 |
| MEDICARE CONTRIBUTION COMPENSATION LIMITATION |
No Limit |
PLEASE NOTE:
* Not including an age 50+ participant 401(k) extra or "catch up" contribution which must be defined in the Plan
** Determination of Highly Compensated Employee is made in the "Look Back" or proceding Plan Year. Maximum Contribution limits, subject to required IRS testing, may utilize current plan year limitations (on the 1st date of the Plan Year) if provided in the Plan document. However, all 5 % Shareholder, Stockholder or implied 5% Shareholders in the "Look Back", or, Current Plan Year are automatically designated as Highly Compensated. The number of Highly Compensated Employees is subject to each Controlled Group entity "Top Paid" Election (if elected) . A "Top Paid" Election includes the top 10% of Employees who have earnings above the yearly defined "Highly Compensated Compensation which includes all 5% or more deemed Shareholders" within the entity controlled Group.
*** Top Heavy Status is determined on the Plan "Determination Date" which is the last day of preceding Plan Year. A 5% Shareholder, Stockholder or implied 5% Shareholder is a Key Employee and is determined on the "Determination Date". For purposes of the Key Employee Officer definition, no more than 50 employees (or, if lesser,
the greater of 3 or 10 percent of the employees) shall be treated as officers for the "Top Heavy determination calculation.
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