Attention Employers and Tax Clients!
It is that time again when everyone will be asking the same question ... "what are the benefit limits for 2011 and what were they last year?".
Well here is a smattering of information to help you sleep better:
. Pension Contributions
. maximum salary reduction 401k, 403b and 457b plans = 16,500 (2010 and 2011)
. catch-up salary reduction 50+ age for 401k, 403b and 457b plans = 5,500 (2010 and 2011)
. Highly compensated employees earn 110,000 (2010 and 2011)
. Key employees are officers earning more than 160,000 (2010 and 2011)
. Annual defined contribution maximum = 49,000 (2010 and 2011) ... employee + employer
. Simple plan maximum salary reduction = 11,500 (2010 and 2011)
. Simple plan catch-up salary reduction = 2,500 (2010 and 2011)
. IRA contribution limit = 5,000 (2010 and 2011)
. IRA catch-up 50+ age = 1,000 (2010 and 2011)
. Social Security (SS) & Medicare (Med)
. Maximum wages taxable SS = 106,800 (2010 and 2011)
. SS employer rate = 6.2% (2010 and 2011)
. SS employee rate = 6.2% and 4.2% (2010 and 2011 respectively)
. Med taxable wages - unlimited (2010 and 2011)
. Med rate (employee and employer) 1.45% (2010 and 2011)
. Maximum income without deduction of SS benefit (2010 and 2011)
. Over retirement age = unlimited
. Year attaining retirement age = 37,680
. Under retirement age = 14,160
. Miscellaneous Fringe Benefits (2010 and 2011 unless indicated below)
. Monthly transit pass/commuter vehicle = 230 (per employee)
. Monthly parking = 230 (per employee)
. Education assistance plans = 5,250 (per employee)
. Dependent care assistance plans - 5,000 (per employee)
. Adoption assistance plans = 12,170 and 13,360 (2010 and 2011 respectively)
. Long-term care maximum daily benefit = 290 and 300 (2010 and 2011 respectively)
. HSA annual contribution limit
. Single = 3,050
. Family = 6,150
. Catch-up 55+ age = 1,000 |
