| |
2007 |
2006 |
| Retirement Plan Limitations |
|
|
| |
|
|
| Elective Deferrals |
|
|
| 401(k) / 403(b) Salary
Deferral |
$ 15,500 |
$ 15,000 |
| 457 Salary Deferral |
$ 15,500 |
$ 15,000 |
| Catch-Up Limit - Age 50 by
12/31 |
$ 5,000 |
$ 5,000 |
| |
|
|
| Qualified Plan Limits |
|
|
| Defined Contribution Plan
Limit |
$
45,000 |
$
44,000 |
| Defined Benefit Dollars
Limit |
$ 180,000 |
$ 175,000 |
| Annual Compensation |
$ 225,000 |
$ 220,000 |
| |
|
|
| SIMPLE / SEP Limits |
|
|
| SIMPLE Contribution Limit |
$ 10,500 |
$ 10,000 |
| SIMPLE Catch-Up Limit |
$
2,500 |
$
2,500 |
| SEP Minimum Compensation |
$ 500 |
$
450 |
| SEP Compensation |
$ 225,000 |
$ 220,000 |
| |
|
|
| IRAs and Roth IRAs |
|
|
| IRA and Roth IRA Limit |
$
4,000 |
$
4,000 |
| IRA and Roth IRA Catch-Up
Limit |
$ 1,000 |
$ 1,000 |
| Roth IRA AGI Phaseout
Beginning |
$ 156,000 |
$ 150,000 |
| |
|
|
| Other Limitation and Revised
Rates |
|
|
| |
|
|
| Social Security Wage Base |
$
97,500 |
$
94,200 |
| Social Security Tax |
6.20% |
6.20% |
| Medicare Tax (no maximum
limitation) |
1.45% |
1.45% |
| |
|
|
| Standard Business Mileage
Rate |
$
0.485 |
$
0.445 |
| Maximum Section 179 Expense
Amount |
$
112,000 |
$
108,000 |
| Annual Gifting Exclusion |
$
12,000 |
$
12,000 |
IRS Circular 230 disclosure:
To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. tax advice contained in this webpage (including any other pages on this site)
is not intended or written to be used, and cannot be used , for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or
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|