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2023 |
2022 |
| Elective Deferrals (401(k) and 403(b); not including adjustments and catch-ups) |
$22,500 |
$20,500 |
| 457(b)(2) and 457(c)(1) Limits (not including catch-ups) |
$22,500 |
$20,500 |
| Section 414(v) Catch-Up Deferrals to 401(k), 403(b), or SEP Plans |
$7,500 |
$6,500 |
| Limitation on annual benefits under Defined Benefit Plans under Sec. 415(b)(1)(A) |
$265,000 |
$245,000 |
| Limitation for Defined Contribution Plans under Sec. 415(c)(1)(A) |
$66,000 |
$61,000 |
| Annual Compensation Limit under Sections 401(a)(17), 404(l), 408(k)(3)(C) |
$330,000 |
$305,000 |
| Annual Compensation Limit for Grandfathered Participants in Governmental Plans Which Followed 401(a)(17) Limits (With Indexing) on July 1, 1993 |
$490,000 |
$450,000 |
| Highly Compensated Employee under Sec. 414(q)(1)(B) |
$150,000 |
$135,000 |
| Key employee-officer compensation threshold for top-heavy plans [416(i)(1)(A)(i)] |
$215,000 |
$200,000 |
| Limitation under Sec. 408(p)(2)(E) regarding SIMPLE Retirement Accounts |
$15,500 |
$14,000 |
| Minimum compensation required to be eligible for SEP IRA |
$750 |
$650 |
| Maximum compensation that can be considered for SEP IRA |
$330,000 |
$305,000 |
| Dollar amount under Sec. 409(0)(1)(C)(ii) for determining the maximum account balance in an ESOP |
$1,330,000 |
$1,230,000 |
| Dollar amount used to determine the Lengthening of 5-Year ESOP Period |
$265,000 |
$245,000 |
| Income Subject to Social Security Tax |
$160,200 |
$147,000 |
| Social Security Tax for employees |
6.20% |
6.20% |
| Social Security Tax for self-employed workers |
12.40% |
12.40% |
| Medicare tax for employees and employers on earnings up to $200,000 ($250,000 if filing jointly) |
1.45% |
1.45% |
| Medicare tax for self-employed workers' earnings up to $200,000 ($250,000 if filing jointly) |
2.90% |
2.90% |
| Additional Medicare tax for employees and/or self-employed workers on earnings in excess of $200,000 ($250,000 if filing jointly) |
0.90% |
0.90% |
| FICA Tax for employees and employers |
7.65% |
7.65% |
| FICA Tax for self-employed workers |
15.30% |
15.30% |
The information presented here is not intended to be a comprehensive analysis. CohnReznick Benefits Consultants is a benefits advisory firm and does not provide tax or legal advice. Individuals or Employers should consult with qualified legal and/or tax counsel for guidance in respect of matters of law, tax, and related regulation.
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