The IRS has finalized payroll related benefits and contribution limits for 2015. Below are the maximum benefits and contribution limits.

Elective Deferrals (401(k) and 403(b); not including adjustments and catch-ups) $18,000
457(b)(2) and 457(c)(1) Limits (not including catch-ups) $18,000
Section 414(v) Catch-Up Deferrals to 401(k), 403(b), 457(b), or SARSEP Plans $6,000
Defined Benefit Plans $210,000
Defined Contribution Plans $53,000
Annual Compensation Limit $265,000
Annual Compensation Limit for Grandfathered Participants in Governmental Plans Which Followed 401(a)(17) Limits (With Indexing) on July 1, 1993 $395,000
Highly Compensated Employee (“HCEs”) $120,000
Individual Retirement Accounts (“IRAs”), for individuals 49 and below $5,500
Individual Retirement Accounts (“IRAs”), for individuals 50 and above $6,500
SIMPLE Retirement Accounts $12,500
SEP Coverage $600
SEP Compensation $265,000
Tax Credit ESOP Maximum Balance $1,070,000
Amount for Lengthening of 5-Year ESOP Period $210,000
Maximum Amount for Qualified Longevity Annuity Contract Purchases $125,000
Income Subject to Social Security Tax $118,500
FICA Tax for employers 7.65%
FICA Tax for employees 7.65%
Social Security Tax for employers 6.2%
Social Security Tax for employees 6.2%
Medicare Tax for employees and employers 1.45%
SECA Tax for self-employed workers 15.3%
Social Security Tax for self-employed workers 12.4%
Medicare Tax for self-employed workers
Additional Medicare Tax for individuals earning over $200,000  (250,000 Married)  
2.9%
0.9%

 

About Time & Pay:

Time & Pay is a professional payroll service provider located in Johnson City, TN. We service businesses of all sizes and types throughout the United States. Founded in 1992, Time & Pay provides businesses with complete payroll services , guaranteed payroll tax compliance, automated time and attendance systems and services, pay-as-you-go worker’s comphuman resource management systems and services, and more. We provide our customers with the cost effective tools you need to better manage your payroll, your employees and your business. Time & Pay’s services guarantee you will save money, time and aggravation and we back them up with the customer service you expect and deserve. Contact Us today to learn why business owners throughout the country are saying:

“Time & Pay! Why would you do payroll and timekeeping any other way?”

Offices:
Payroll Services  in Kingsport, Bristol, Johnson City, TN   423-854-9042
Payroll Services in  Morristown, Greenville, Knoxville, TN   423-957-9505
Payroll Services in Cleveland, Chattanooga, TN  423-794-7855
Payroll Services in Newport News, VA   757-240-2766