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Solo 401k Contributions For Part-Time Self-Employment
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 Unincorporated 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 unincorporated business on the side. Use the other tab at the bottom if the business is incorporated.
Cells under "Assumptions" in blue are inputs. Feel free to change to your own situation.
This spreadsheet is for illustration purposes only. It may not be accurate in some cases.
Always verify with a professional before making contributions.