A job loss is bad but the tax implications could make it worse
Unemployment has been holding steady recently at 3.7%. But there are still some people losing their jobs — particularly in certain industries...
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L&H CPAs : Jan 24, 2019 10:35:35 AM
• Employee contributions to 401(k) plans: $19,000 (up from $18,500)
• Catch-up contributions to 401(k) plans: $6,000 (no change)
• Employee contributions to SIMPLEs: $13,000 (up from $12,500)
• Catch-up contributions to SIMPLEs: $3,000 (no change)
• Combined employer/employee contributions to defined contribution plans (not including catch-ups): $56,000 (up from $55,000)
• Maximum compensation used to determine contributions: $280,000 (up from $275,000)
• Annual benefit for defined benefit plans: $225,000 (up from $220,000)
• Compensation defining “highly compensated employee”: $125,000 (up from $120,000)
• Compensation defining “key employee”: $180,000 (up from $175,000)
Additional rules apply to these limits, and they are only some of the limits that may affect your business. Please contact us for more information so we can help you make the best financial decisions for your business and your employees.
© 2019
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