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| Unincorporated Incorporated lookup |
| Other cells are calculated. For more information, please read blog post: Assumptions Calculating contribution limits for plan year (between 2022 and 2024) 2023 Gross Wages from day job 150,000 Salary Deferral in day job 401k, 403b or SIMPLE IRA (not 457) 22,500 Is the salary deferral above made to a 403b plan? no Employer contribution to 403b plan 0 Are you age 50 or over this year? (enter yes or no) no Net Business Profit from self-employment 50,000 Desired profit sharing (0% - 25% of compensation) 25% Calculated Fields Summary Social Security Tax Rate - Employer 6.20% Salary Deferral 0 Social Security Tax Rate - Employee 6.20% Catch-up 0 Medicare Tax Rate 1.45% Profit Sharing 9,740 Maximum Social Security Wage Base 160,200 Total 9,740 Annual 401k Salary Deferral Limit - 402(g) 22,500 Maximum addition to defined contribution plan - 415(c) 66,000 Non-Roth after-tax contribution if plan allows 29,219 Age-50 catch up contributions - 414(v)(2)(B)(i) 7,500 Net Earnings from self-employment 46,175 Social Security Tax 1,265 Medicare Tax 1,339 Deductible self-employment tax 1,302 Adjusted Net Business Profit 48,698 Regular salary deferral at day job 22,500 Catch-up deferral at day job 0 Annual addition used by day job 0 Maximum Salary Deferral from self-employment before catch-up 0 Profit Sharing from self-employment 9,740 Compensation 38,958 Maximum catch-up 0 |
| Solo 401k Contributions For Incorporated Part-Time Self-Employment This spreadsheet calculates the maximum contributions to a solo 401k plan for someone who works at a day job and runs an incorporated business on the side. Use the other tab at the bottom if the business is unincorporated. Cells under "Assumptions" in blue are inputs. Feel free to change to your own situation. Other cells are calculated. For more information, please read blog post: Assumptions Calculating contribution limits for plan year (between 2022 and 2024) 2023 Salary Deferral in day job 401k, 403b or SIMPLE IRA (not 457) 22,500 Is the salary deferral above made to a 403b plan? no Employer contribution to 403b plan 0 Are you age 50 or over this year? (enter yes or no) no Compensation from self-employment, before salary deferral 50,000 Desired profit sharing (0% - 25%) 25% Calculated Fields Summary Annual 401k Salary Deferral Limit - 402(g) 22,500 Salary Deferral 0 Maximum addition to defined contribution plan - 415(c) 66,000 Profit Sharing 12,500 Age-50 catch up limit - 414(v)(2)(B)(i) 7,500 Total 12,500 Regular salary deferal at day job 22,500 Non-Roth after-tax contribution if plan allows 37,500 Catch-up deferral at day job 0 Annual addition used by day job 0 Maximum Salary Deferral from self-employment before catch-up 0 Profit Sharing from self-employment 12,500 Maximum catch-up 0 |
| 2022 2023 2024 Social Security Tax Rate - Employer 6.20% 6.20% 6.20% Social Security Tax Rate - Employee 6.20% 6.20% 6.20% Medicare Tax Rate 1.45% 1.45% 1.45% Maximum Social Security Wage Base 147,000 160,200 168,600 Annual 401k Salary Deferral Limit - 402(g) 20,500 22,500 23,000 Maximum addition to defined contribution plan - 415(c) 61,000 66,000 69,000 Age-50 catch up contributions - 414(v)(2)(B)(i) 6,500 7,500 7,500 |