In 2015 the Self Employed 401k contribution limit is $53,000 and $59,000 if age 50 or older (2014 limit is $52,000 and $57,500 if age 50 or older). The annual Self Employed 401k contribution consists of 2 parts a salary deferral contribution and a profit sharing contribution.n 2015, 100% of W-2 earnings up to the maximum of $18,000 or $24,000 if age 50 or older can be contributed to a Self Employed 401k (2014 limits are $17,500 and $23,000 if age 50 or older). Profit Sharing Contribution :