- The regular elective deferral limit remains at $19,500 per calendar year.
- The catch-up contribution limit for employees age 50 and older remains at $6,500 per calendar year.
Both the 403(b) and 457 plans offer additional catch-up contribution provisions. A calculation is required to determine the actual amount, if any, available under these special catch-up provisions.
The Social Security Administration has announced the 2021 Social Security wage base will be $142,800. The tax rate remains the same at 6.2%. As in prior years, there is no limit to the wages subject to the Medicare tax. The tax rate of 1.45% also remains unchanged.
If you have any questions, contact Steve Jordan, Senior Payroll Specialist, at ext. 14908.
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