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Form 5305-SIMPLE for Tacoma Washington: What You Should Know
Incentive Match Plan for Employees of small companies — Financial Services Council SIMPLE IRA is a voluntary retirement account. SIMPLE plans allow your employees to contribute up to 3% of salary toward SIMPLE accounts. This means: Employer Contributions to SIMPLE accounts Employees' contributions to SIMPLE accounts Total Contributions to SIMPLE accounts All employees Contributions to SIMPLE funds are tax-deductible. Your account may offer the best interest rates and the best tax benefits for Employers who offer this plan to all employees or only to low-income employees. IRS Form 5305-SIMPLE — SEP This SIMPLE plan provides for a retirement savings plan for eligible employees. Employees are eligible for the offer for a reasonable length of time. Employees who have not commenced employment within one year of the date of the plan's first application and have not been employed or were not in the employ of the Company for more than six months are eligible for the offer. Employees must be at least 18 years of age. Employees in a Group retirement plan under which a non-resident alien or foreign person is an employer. SIMPLE IRA plan — S-Corp—Simplify SIMPLE IRA plan — Simplify Financials LLC This plan allows employees to contribute 3% of salary to a SIMPLIFY SIMPLE IRA plan and, to the extent necessary, to the account of employees at a company that is a U.S. corporation, partnership, S-Corp, or other pass-thru entity. SIMPLE IRA funds may be invested under any qualified or non-qualified funds. Under the plan, employees are not eligible for the offer of a SIMPLE IRA plan if the contributions of an employee are made directly into an individual retirement account. The amount of the contribution may not exceed 10% of the eligible employee's salary and 10,000 may be contributed in any one calendar year. SIMPLE IRA — S-Corp — Simplify Financials LLC This plan, S-Corp Simplify Financials LLC, allows individuals and corporations to contribute to a SIMPLE plan for the compensation of any individual or a group of individuals. The contribution to these accounts is tax-deductible to the extent allowable. To participate in this account, an eligible employee must: Contributions may not exceed 10,000 in a calendar year per eligible employee.
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