|
|
| Karel-Gordon & Associates |
| Cost of Living Adjustments to Retirement Plan Limitations |
| |
2009 |
2008 |
| Qualified Plan Limits |
|
|
| 401(k) & 403(b)Maximum Elective Deferrals [402(g)] |
$16,500 |
$15,500 |
| Catch-Up for Elective Deferrals 401(k), 403(b), SARSEP and 457 |
$5,500 |
$5,000 |
| Defined Benefit – Annual Benefit |
$195,000 |
$185,000 |
| Defined Contribution – Annual Contributions |
$49,000 |
$46.000 |
| |
|
|
| Compensation Limits |
|
|
| Maximum Compensation |
$245,000 |
$230,000 |
| SEP annual compensation floor |
$550 |
$500 |
| |
|
|
| Highly Compensated Employees |
|
|
| Any employee compensation |
$110,000 |
$105,000 |
| |
|
|
| Key Employees |
|
|
| Officer compensation |
$160,000 |
$150,000 |
| 1% owner |
$160,000 |
$150,000 |
| |
|
|
| Covered Compensation Limits |
|
|
| Social Security |
$106,800 |
$102,000 |
| Medicare |
no limit |
no limit |
| |
|
|
| Self-Employment Tax |
|
|
| Self-Employment Rate |
12.40% |
12.40% |
| Medicare Rate |
2.90% |
2.90% |
| Combined Rate |
15.30% |
15.30% |
| |
|
|
| Social Security Tax |
|
|
| Social Security Rate |
6.20% |
6.20% |
| Medicare Rate |
1.45% |
1.45% |
| Combined Rate |
7.65% |
7.65% | | |
|
Karel-Gordon & Associates
707 Skokie Blvd., Suite 200
Northbrook, IL 60062
Phone (847) 564-5655
Fax (847) 564-2120
| Karel-Gordon & Associates
4400 N. Federal Highway, Suite 210
Boca Raton, FL 33431
Phone (561) 394-4996
Fax (561) 394-0558
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