2022 retirement plan limits

Some Tax Limits Affecting Businesses Have Increased for 2022

Some Tax Limits Affecting Businesses Have Increased for 2022

Many tax limits that affect businesses are annually indexed for inflation, and a number of them have increased for 2022. Here’s a rundown of those that may be important to you and your business. Social Security Tax The amount of an employee’s earnings that is subject to Social Security tax

Sonya Foster2022-01-25T10:03:52-07:00January 25th, 2022|

IRS Announces 2022 Retirement Plan Limits

IRS Announces 2022 Retirement Plan Limits

The IRS recently announced 2022 cost-of-living adjustments to dollar limits and thresholds for qualified retirement plans. Here are some highlights: Elective Deferrals The annual limit on elective deferrals (employee contributions) will increase from $19,500 to $20,500 for 401(k), 403(b) and 457 plans, as well as for Salary Reduction Simplified Employee

Sonya Foster2021-11-30T15:50:51-07:00November 30th, 2021|