Salary Overview. The U.S. Bureau of Labor Statistics (BLS) reported that police and sheriff patrol officers had a mean hourly salary of $27.78 in May 2012 (www.bls.gov). This translates to a mean yearly income of $57,770. The top 10% of workers in this occupation made upwards of $42.94 or more an hour.alary Overview. The U.S. Bureau of Labor Statistics (BLS) reported that police and sheriff patrol officers had a mean hourly salary of $27.78 in May 2012 (www.bls.gov). This translates to a mean yearly income of $57,770. The top 10% of workers in this occupation made upwards of $42.94 or more an hour.
A Solo 401(k) , (also known as a Self Employed 401(k) or Individual 401(k)), is a 401(k) qualified retirement plan for Americans that was designed specifically for employers with no full-time employees other than the business owner(s) and their spouse(s). It is easier to contribute the maximum amount in a Solo 401(k) because of the Salary Deferral component of $18,000, which is not available with a SEP IRA. 2  A Solo 401(k) Plan includes a $6000 catch-up contribution for plan participantâs over the age of 50, which is not the case for a SEP IRA.
Catch-up contributions. If you are age 50 or over at the end of the calendar year, you are permitted to make additional, âcatch-upâ, elective deferral contributions. These catch-up contributions are not subject to the annual general limits that apply to 401k plans.hat this means for your 401k, 403b and other retirement plans: The maximum amount an employee can contribute to a 401k in 2012 will increase to $17,000 and for individuals over the age of 50, their catch-up contribution will remain unchanged at $5,500 (see table).