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Seattle Washington online Form 5305-SIMPLE: What You Should Know
Office, or any U.S. bank. To request Form 5305-SIMPLE (simplified IRA savings for employees), you can contact Francis & Company via email at or call, or you may write FRANCIS CORRECTION SERVICES. SIMPLE IRA Savings, By Design In addition to form 5305-SIMPLE, Simplified Incentive Match Plan for Employees (SIMPLE), there are other forms that enable an employee to save a portion of income tax withheld on business income and deposit it into an IRA. See SIMPLE IRA Plans for Employees of Small Employers (Simplified IRA) Form 5304 Signed and Sealed in Washington State (Revised August 2005) Signed and Sealed in Washington State (Rev. March 2012) (simplified IRA for U.S. citizens) Form 5304 requires a signed and sealed federal or state government issued identification card. Form 5304 to be completed at the time of applying, not upon hire. It does not need to be accompanied by a 1040-EZ. Employees can set up a SIMPLE IRA (Simplified Incentive Match Plan for Employees) which will contribute to a tax-deferred account for the employee's income tax withholding purposes. Employees also can pay qualified business expenses of the employees' own choosing as a deferral. It could make a difference. Eligible Individual eligible for the plan An employee is eligible if an employee meets the following criteria: Must be employed by the employer Must be 18 years or older Must make sufficient contributions to the SIMPLE IRA If qualified, pay qualified business expenses Employer must enroll eligible employee in SIMPLE plan and offer SIMPLE plan to other employees Employer and employee agree to be bound by the terms of the SIMPLE plan for an indeterminate period (period of time provided by the employer to participate in the SIMPLE plan). Qualified Business Expenses These are the qualifying business expenses of the employer. Taxable Business expenses that are taxable to the employee, either directly or indirectly, but are not for which the employee will be taxed directly. Qualifying Business Expenses The following expenses are eligible expenses for all employees.
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