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The SIMPLE IRA is an easy way for small employers, including the self-employed, to offer employees a retirement plan. The SIMPLE IRA can be easier for an employer to set up than many 401(k) plans ...
In previous articles, I've discussed the SEP IRA and solo 401(k) business retirement. As a self-employed individual, you probably know you can open and fund a small-business owner retirement plan ...
Any size company, including sole proprietorships, can establish a Simplified Employee Pension (SEP) Individual Retirement Account (IRA). ... PEP 401(k) for small business, and SIMPLE IRA.
In the above example, where an employee earns $40,000 and the employer contributes 25% of that, $10,000, the employee has received $50,000 total, of which 20% goes to the SEP-IRA. When a business is a sole proprietorship, the employee/owner both pays themselves wages and may also make a SEP contribution, which is limited to 25% of wages, namely ...
The main benefit of a Keogh plan versus other retirement plans is that a Keogh plan has higher contribution limits for some individuals. For 2011, employees can generally contribute up to $16,500 per year, and the employer can contribute up to $32,500, for a total annual contribution of $49,000.
The SEP IRA is designed for simplicity — especially if you own your own business. ... How to open a SEP IRA. Setting up a SEP IRA is simple. Start by filling out and filing IRS Form 5305-SEP.
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