Contact Us:
410-573-9991
2563 Forest Drive
Annapolis, MD 21401
[retirement planning]
maximum contributions: 2011 + 2012
IRA (Traditional or Roth):
Employee Under Age 50: $5,000 (income limits apply)
Employee Age 50 or Older: $6,000 (income limits apply)
Sole Proprietor Under Age 50: $5,000 (income limits apply)
Sole Proprietor Age 50 or Older: $6,000 (income limits apply)
Employer: $0
SEP IRA:
Employee Under Age 50: $0
Employee Age 50 or Older: $0
Sole Proprietor Under Age 50: Up to 20% of (net earnings from self employment minus half of self employment tax), not to exceed $49,000
Sole Proprietor Age 50 or Older: Up to 20% of (net earnings from self employment minus half of self employment tax), not to exceed $49,000
Employer: Up to 25% of W-2 wages, not to exceed $49,000
SIMPLE IRA:
Employee Under Age 50: $11,500
Employee Age 50 or Older: $14,000
Sole Proprietor Under Age 50: $11,500 plus 3% of (net earnings from self employment minus half self employment tax)
Sole Proprietor Age 50 or Older: $14,000 plus 3% of (net earnings from self employment minus half self employment tax)
Employer: MUST either (A) match employee contributions up to 3%* of gross earnings each pay period, or (B) contribute 2% of gross paycheck for all employees each pay period, regardless of whether or not they contribute. Not to exceed $49,000 for employer and employee combined.
*3% match can be reduced to as low as 1% in any 2 out of 5 years
401-K:
Employee Under Age 50: 2011- $16,500; 2012- $17,00
Employee Age 50 or Older: 2011- $22,000; 2012- $22,500
Sole Proprietor Under Age 50: Employee amount plus up to 20% of (net earnings from self employment minus half of self employment tax), not to exceed $49,000
Sole Proprietor Age 50 or Older: Employee amount plus up to 20% of (net earnings from self employment minus half of self employment tax), not to exceed $49,000
Employer: 25% of W-2 wages, not to exceed $49,000 for employer and employee combined.