401(k) Contribution Limit Increase

On October 19, the IRS announced an increase in the contribution limits for employees who participate in 401(k), 403(b), and most 457 plans. For 2018 the new limit will be increased from $18,000 to $18,500. However, the catch-up contribution limit for employees aged 50 or over remains unchanged at $6,000 annually.

2015’s 401(k) Contribution Limit Increases to $18,000

The Internal Revenue Service announced today that contribution limits for 401(k) plans and individual retirement accounts will increase due to cost-of-living adjustments.  The maximum amount of contributions an employee can make to their 401(k) plan is determined each year by the IRS.  “Many of the pension plan limitations will change for 2015 because the increase in the cost-of-living index met …

2011 Mileage Reimbursement Rates and Additional information

On December 3, 2010, the Internal Revenue Service issued the 2011 optional standard mileage rates to calculate deductible costs of operating an automobile for business purposes. Beginning January 1, 2011 the standard mileage for the use of a car will be:• 51 cents per miles for business miles driven• 19 cents per miles driven for medical or moving purposes• 14 …

2009 Payroll Limits

Quick tips for new limits in 2009 401K – $16,500, catch up $5,500 Social Security – 106,800 Federal Minimum Wage – $6.55,  effective July 24, 2009  $7.25 Colorado Minimum Wage – $7.28 effective January 1, 2009 Health Savings Accounts – $3,000 individual, $5950 family Transportation in a commuter highway vehicle and any transit pass – $120 per month Qualified Parking …