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Best of luck to WI, which had fewer cases to start, but was also much later. I hope we hear nothing the next week for them 🤞 (Also, IL Gov says he doesn’t have power to delay, much like in WI)
https://abcnews.go.com/Health/wireStory/illinois-primary-voters-notified-virus-exposure-70127786
how's publicis poke? asking for a french friend
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anyone done Freelance through UpWork?
Are Christmas bonuses a thing?
ur mom goes to college
No. HCE definitions are firm-specific. Basically, the rule prevents a situation where only a small group (e.g. Owners) contributes and not the rank and file. At a firm your size, you won't have to worry about it for a loooooong time.
From IRS also: Highly Compensated Employee - An individual who:
Owned more than 5% of the interest in the business at any time during the year or the preceding year, regardless of how much compensation that person earned or received, or
For the preceding year, received compensation from the business of more than $115,000 (if the preceding year is 2014; $120,000 if the preceding year is 2015, 2016 or 2017), and, if the employer so chooses, was in the top 20% of employees when ranked by compensation.
^ it can be. E.g. The HCE rules that OP refers to. Basically n/a for anyone here though.
BC1 that is not true at all. I was an HCE at my previous job and was not an owner. Also made around $100k back then
401k isn't limited by income.
Sorry, wasn't clear. You also have to own a certain amount (5% ??) of the company for this to be an issue.
Can't imagine that any one partner would have an issue at that pct
Have an impact on IRA not 401k
IRS defines compensation limits and deferral amount limits annually. Annual deferral limit is $18k this year. Comp limit for 2017 is defined as anyone making over $215k. People over this limit are generally called highly compensated employees. https://www.irs.gov/uac/newsroom/irs-announces-2017-pension-plan-limitations-401k-contribution-limit-remains-unchanged-at-18000-for-2017