| IRS Limit | 2022 | 2021 | 2020 | | Defined Contribution Limitation | $61,000 | $58,000 | 57,000 | | Annual Deferral for 401(k) Plans | $20,500 | $19,500 | $19,500 | | 401(k) Catch-Up Contribution (over the age of 50) | $6,500 | $6,500 | $6,500 | | Annual Limit on Compensation | $305,000 | $290,000 | $285,000 | | Threshold for Highly Compensated Employees | $135,000 | $130,000 | $130,000 | | Key Employee Threshold for Officers | $200,000 | $185,000 | $185,000 | | Social Security Taxable Wage Base | $147,000 | $142,800 | $137,700 |
| | SIMPLE Plans | | Annual Deferrals | $14,000 | $13,500 | $13,500 | | Catch up Contributions (over the age of 50) | $3,000 | $3,000 | $3,000 |
| | IRA's | | Annual Contribution | $6,000 | $6,000 | $6,000 | | Catch up Contributions (over the age of 50) | $1,000 | $1,000 | $1,000 |
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