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(I), 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%