Calculating K-1 earnings for 401(k) plan purposes

[kwalified]

Hello,

Have not worked with an LLC lately. Recently came across a small SH 401(k). 3 partners. All 3 partners have appx same membership %. With lowest at 32%. His SE earnings (Box 14a) was $315,838 for 2011. I recall deducting Sec 179 from that ($12,083) and then I believe you deduct deferrals ($22,000), the sum of which you multiply by .9235 (.9435 this year) then multiply that sum by .0145 of which you deduct from the previous sum(after .9235), which you arrive at earnings to calculate SH match/p.s.? Am I on track? Wayyyyyyy off?