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.
Limitation on Elective Deferrals. The maximum amount you can defer into your 401(k) plan adjusts each year for inflation. As of 2012, the standard limit is $17,000. However, for people age 50 and older, the contribution limit increases by $5,500 because of what is known as a catch-up contribution.o if you're 50 or older, your total annual additions can't exceed $55,500. Depending on how much your employer contributes, your elective deferrals may be reduced. For example, in 2012, the most you can defer into your 401(k) plan if you're 50 or older is $22,500.