Team USA is not expected to win, but they believe actions speak louder than words. (Definition of âactions speak louder than wordsâ from the Cambridge Academic Content Dictionary Â© Cambridge University Press)
If the plan year is different the fiscal year, there is a good chance two sets of compensation values will need to be used, one for deductibility purposes, and the other for plan allocation purposes. The ESOP plan document definition of compensation may be different than the compensation used for deduction limits.
For 2007, the maximum amount of Pre-tax/Roth deferrals is $15,500 or, if you attain age 50 by December 31, 2007, $20,500 ($5,000 Catch-Up contribution). The annual limit for additions, in total, to defined contribution plans for 2007 is the lesser of (1) $45,000, or (2) 100% of the participants annual compensation.