Annual Plan Limits
| 2021 | 2022 | 2023 | 2024 | ||
| Compensation | $290,000 | $305,000 | $330,000 | $345,000 | |
| Limits on benefits and contributions: | |||||
| Defined contribution plans | $58,000 | $61,000 | $66,000 | $69,000 | |
| Defined benefit plans | $230,000 | $245,000 | $265,000 | $275,000 | |
| 401(k), 403(b) and 457 plan elective deferrals | $19,500 | $20,500 | $22,500 | $23,000 | |
| SIMPLE plan elective deferrals | $13,500 | $14,000 | $15,500 | $16,000 | |
| IRA | $6,000 | $6,000 | $6,500 | $7,000 | |
| Catch-up contributions: | |||||
| 401(k), 403(b) and 457 plans | $6,500 | $6,500 | $7,500 | $7,500 | |
| SIMPLE plans | $3,000 | $3,000 | $3,500 | $3,500 | |
| IRA | $1,000 | $1,000 | $1,000 | $1,000 | |
| “Highly Compensated” definition | $130,000 | $135,000 | $150,000 | $155,000 | |
| “Key Employee” definition: | |||||
| Officer | $185,000 | $200,000 | $215,000 | $220,000 | |
| 1% owner | $150,000 | $150,000 | $150,000 | $150,000 | |
| Social Security: | |||||
| Taxable wage base | $142,800 | $147,000 | $160,200 | $168,600 | |
| Social Security tax rate | 6.20% | 6.20% | 6.20% | 6.20% | |
| Medicare tax rate* | 1.45% | 1.45% | 1.45% | 1.45% | |
| Combined tax rate | 7.65% | 7.65% | 7.65% | 7.65% | |
* Beginning 2013, a medicare surtax of 0.9% applies to wages exceeding 250,000. There is a secondary surtax of 3.8% that may apply to unearned income for certain taxpayers as well.
Source: https://www.irs.gov/newsroom/401k-limit-increases-to-23000-for-2024-ira-limit-rises-to-7000
https://www.irs.gov/retirement-plans/is-my-401k-top-heavy