You can contribute up to $17,000 per year to your 401(k) for 2012. The profit sharing plan will allow you to contribute a maximum of $50,000 per year for 2012 which includes the elective deferral amount ($17,000).
The profit sharing portion, which is another way of describing the employer contribution can be up to $33,000 in 2012. This amount is a maximum of 20% of the wages received by the employee if the business is a sole proprietorship, partnership or LLC.
If the business is a corporation the maximum employer contribution is 25% of the wages. So if an employee had $90,000 in wages and the company is an LLC he would be able to receive a maximum of $18,000 in profit sharing. If the company is a corporation, he would be able to receive up to $22,500 in profit sharing. This is in addition to the $17,000 maximum he can contribute from his wages.