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.
Employer contributions only. If a salary deferral feature is added to a profit-sharing plan, it is a 401(k) plan.. The lesser of 25% of compensation or $52,000 (for 2014; $53,000 for 2015, subject to cost-of-living adjustments for later years). Annual filing of a Form 5500-series return/report is required.ther years, you do not need to make contributions. Also, your business does not need profits to make contributions to a profit-sharing plan. If you do make contributions, you will need to have a set formula for determining how the contributions are divided. This money goes into a separate account for each employee.