Sentences with phrase «salary deferral limit»
Anyone participating in a SIMPLE IRA can defer an additional $ 3,000 of salary, increasing the annual salary deferral limit from $ 12,500 to $ 15,500.
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Frances, At least in Canada, the ability to arrange for deferred compensation schemes is limited by various provisions of the Tax Act which prevent the deferral of income into future years in most circumstances (there are exceptions, for example, for teachers who take, for example 3 years of salary over 4 years and take a year's sabatical or for various incentive compensation schemes, although I doubt those would work for athletes).
Caps placed by the plan and / or Internal Revenue Service (IRS) regulations usually limit the percentage of salary deferral contributions.