Year 2002 Indexed Dollar Limits for Qualified Retirement Plans
January 2002
The Internal Revenue Service has announced the year 2002 indexed dollar amounts for qualified retirement plans.
These limits and the year 2002 Social Security tax limits are set forth below:
| 2002 | 2001 | |
| 401(k) Elective Deferrals | $11,000 | $10,500 |
| Section 415 Limits | ||
| Defined benefit plans | $160,000 | $140,000 |
| Defined contribution plans | 40,000 | 35,000 |
| Highly Compensated Employees | $90,000 | $85,000 |
| Compensation | $200,000 | $170,000 |
| Section 457 Deferrals | $11,000 | $8,500 |
| Social Security (FICA) | ||
| Taxable wage base | $84,900 | $80,400 |
| Tax rate | 6.20% | 6.20% |
| Employee's maximum tax | $5,264 | $4,985 |
| Social Security (Medicare) | ||
| Taxable wage base | No Limit | No Limit |
| Tax rate | 1.45% | 1.45% |
