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Susquehanna Valley Chapter, All Rights Reserved 2006
 
2007 Updates
 
Social Security Wage Base $    97,500
Social Security  Rate       6.2%
Soc. Sec. Threshold for Domestic Employees $      1,500
Soc. Sec. Threshold for Election Employees $      1,300
Medicare Rate remains     1.45%
Qualified Pension Plan  
Maximum limit for annual benefit for defined benefit plans
under 415(b)(1) 		$  180,000
Maximum contribution limit for defined benefit plans
under 415(b)(1) 		$    45,000
Limitations on Exclusion for Elective Deferrals Under:  
 402 (g)(1) (applies to 401(k) plans and
 408(k)(6) salary reduction SEPs)		 $  15,5000
 403(b) non-profit employers; public schools $  15,5000
 457 state and local governments; tax-exempts $  15,5000
 408(p) SIMPLE plans $  10,5000
414(v) "Catch-up" Cont. (401(k); 403(b); 457; SEP) $     5,000
414(v) "Catch-up" Contribution (SIMPLE plan) $     2,500
Limitations for highly compensated employee under 414(q)(1)(B) $  100,000
Annual compensation limit under 401(a)(17) and 404(1)
408(k)(3)(C) pertaining to SEPs (Simplified Employee Plans		  
      Compensation Amount $ 225,000
      Compensation amount collectively bargained $ 225,000
Annual compensation limit under 401(a)(17) for eligible participants in certain governmental plans that, under the plan as in effect on July 1, 1193, allowed cost-of-living adjustments to the compensation limitation under the 401(a)(17) $ 335,000
Minimum annual compensation amount under 408(k)(2)(C); SEP $       450