Qualified Retirement Plans Limits 2021 2022
Maximum elective deferral to retirement plans (e.g. 401(k), 403(b), & 457) $19,500 $20,500
401(k) Age 50+ catch-up contribution $6,500 $6,500
Maximum IRA contribution limit $6,000 $6,000
IRA Age 50+ catch-up contribution $1,000 $1,000
Maximum elective deferral to SIMPLE plan $13,500 $14,000
SEP minimum compensation amount $650 $650
Annual includible compensation limit $290,000 $305,000
Defined contribution plan annual addition limit (415 limit) $58,000 $61,000
Highly compensated employee compensation limit $130,000 $135,000
Annual retirement benefit limit under defined benefit plan (415 limit, not to exceed 100% of compensation) $230,000 $245,000

Social Security 2021 2022
Maximum Compensation Subject to FICA Taxes:
OASDI (Social Security) maximum $142,800 $147,000
HI (Medicare) maximum No Limit No Limit

  • OASDI Tax Rate: 12.4% Self-Employed, 6.2% Employees
  • HI Tax Rate: 2.9% Self-Employed, 1.45% Employees