Type of Limitation
2007
2006
2005
2004
Elective Deferrals (401(k), 403(b), etc.; not including adjustments and catch-ups)
$15,500.00
$15,000.00
$14,000.00
$13,000.00
Catch-Up Contribution Limit
$5,000.00
$5,000.00
$4,000.00
$3,000.00.
Defined Benefit Plans
$180,000.00
$175,000.00
$170,000.00
$165,000.00
Defined Contribution Plans
$45,000.00
$44,000.00
$42,000.00
$41,000.00
Annual Compensation Limit
$225,000.00
$220,000.00
$210,000.00
$205,000.00
Annual Compensation Limit for Grandfathered Participants in Governmental Plans Which Followed 401(a)(17) Limits (With Indexing) on July 1, 1993
Not Available
Not Available
Not Available
Not Available
457(b)(2) and 457(c)(1) Limits (not including catch-ups)
$15,500.00
$15,000.00
$14,000.00
$13,000.00
Highly Compensated ($80,000 index)
$100,000.00
$100,000.00
$95,000.00
$90,000.00
SIMPLE Retirement Accounts
$10,500.00
$10,000.00
$10,000.00
$9,000.00
SEP Coverage
$450.00
$450.00
$450.00
$450.00
SEP Compensation
$225,000.00
$220,000.00
$210,000.00
$205,000.00
Tax Credit ESOP Maximum Balance
Not Available
$885,000.00
$850,000.00
$830,000.00
Amount for Lengthening of 5-Year ESOP Period
Not Available
$175,000.00
$170,000.00
$165,000.00
Income Subject to Social Security Tax
$97,500.00
$94,200.00
$90,000.00
$87,900.00
FICA Tax for employees and employers
7.65%
7.65%
7.65%
7.65%
Social Security Tax for employees and employers
6.2%
6.2%
6.2%
6.2%
Medicare Tax for employees and employers
1.45%
1.45%
1.45%
1.45%
FICA Tax for self-employed workers
15.3%
15.3%
15.3%
15.3%
Social Security Tax for self-employed workers
12.4%
12.4%
12.4%
12.4%
Medicare Tax for self-employed workers
2.9%
2.9%
2.9%
2.9%

* Reflects passage of the Economic Growth and Tax Relief Reconciliation Act of 2001 ("EGTRRA"), Public Law No. 107-16, and issuance of News Release IR-2001-115 (December 11, 2001).