The maximum annual contribution limit for 457(b) plans will be $18,000 for 2015 (or 100% of gross annual compensation, if less).Cost of living adjustments (COLAs) may allow for additional increases to these limits in increments of $500 per year.he maximum annual contribution limit for 457(b) plans will be $18,000 for 2015 (or 100% of gross annual compensation, if less).
For checks of $1,250 or more, the penalty is 2% of the check amount. For checks less than $1,250, the penalty is the lesser of $25 or the amount of the check. â¢ Paying Late â The penalty is Â½% of the unpaid tax for each month or part of a month the tax is unpaid.
Save yourself late penalties. The IRS charges you two kinds of penalties for missing the deadline: The first is one is a failure to file penalty, which is commonly 5% of taxes due for each month past the deadline. This penalty will not exceed 25%.ave yourself late penalties. The IRS charges you two kinds of penalties for missing the deadline: The first is one is a failure to file penalty, which is commonly 5% of taxes due for each month past the deadline. This penalty will not exceed 25%.