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.
Variations among 401(k) matching contributions are likely. A common employer matching formula is 50% of 401(k) employee deferral contributions, based on a maximum employee deferral rate of 6% of compensation. The following should always be considered when determining the match:1. The anticipated effect of a match with regard to attracting and retaining valuable employees.mployers must first determine whether they should provide a matching contribution on employee deferral contributions and, if so, the amount. Many experts advise beginning with no match or a low one since a 401(k) matching contribution can easily be increased but may be difficult to reduce.