SEP IRA Vs SIMPLE IRA : Small Business Retirement Plans

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  • Опубліковано 20 кві 2018
  • SEP IRA Vs SIMPLE IRA : Small Business Retirement Plans.
    The math for employees and owners of the SEP IRA and SIMPLE IRA are different so make sure to check the math before you decide. In this video, I'm talking about the SEP IRA and the SIMPLE IRA for self-employed small business owners.
    SIMPLE IRA:
    2% Non-Elective Match means every employee gets a contribution from the employer even if they don't contribute anything.
    3% Elective Match is to encourage employees to save too. If they don't want to save then the employer doesn't have to match. It's dollar for dollar. So if the employEE contributes 1% of their compensation to their SIMPLE Plan then the EMPLOYER only has to match 1%.
    SEP IRA is ALL employer funded.
    Simplified Employee Pension IRA
    Savings Incentive Match Plan for Employees IRA
    SEP IRA Calculation for the small business owner
    www.irs.gov/retirement-plans/...
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КОМЕНТАРІ • 18

  • @1AAbraham
    @1AAbraham 5 років тому +9

    Good info, however visual aids would help when you're spouting so many numbers. It's a video, not a podcast.

  • @jayroller7054
    @jayroller7054 5 років тому +2

    Thank you for the video and information brother!

  • @stephaniecunningham9124
    @stephaniecunningham9124 2 роки тому +1

    Thank you, great video.

  • @dosmasdos9542
    @dosmasdos9542 2 роки тому

    Best channel in UA-cam

  • @donoverstreet3210
    @donoverstreet3210 6 років тому

    Excellent video, thanks-

  • @robbydigital3649
    @robbydigital3649 5 років тому +1

    I thought I had a grasp on this IRA thing but I guess not! Gonna give your office a call

  • @cayrick3488
    @cayrick3488 5 років тому

    I'm a contractor and I wanna set up a simple IRA account for myself. I have no employee. Can I do that? I'm a sole proprietor. Or do I need a s Corp or LLC to do this

  • @s1u8n
    @s1u8n 5 років тому +1

    does SEP IRA reduces employee's Adjusted Gross Income?

  • @scottnoren8858
    @scottnoren8858 3 роки тому

    Is a 5% sales fee for a simple ira?

  • @akhilraparthi2208
    @akhilraparthi2208 Рік тому

    I am waiting for the latest video on this same topic

    • @TravisSickle
      @TravisSickle  Рік тому

      what exactly are you looking for?

    • @akhilraparthi2208
      @akhilraparthi2208 Рік тому

      @@TravisSickle IRA's in-depth , insightful videos (2021,2022)

  • @CPaulBreezy
    @CPaulBreezy 4 роки тому

    What if the business owner has over the 100 employees that the simple IRA plans allow but many of the employees are part time employees who make less than the $5k minimum. Does that business still qualify for the SIMPLE plan?

    • @TravisSickle
      @TravisSickle  4 роки тому +1

      Is this a business you own or work at?

    • @CPaulBreezy
      @CPaulBreezy 4 роки тому

      The answer is... only the employees who make more than $5000 a year count was the “qualifying employees” to have a simple IRA. For example, if you have 120 employees total but, only 80 (including owners of the business) make $5000+ a year, you can still qualify for a simple IRA.

  • @kekog9292
    @kekog9292 5 років тому

    Do I have to pay taxes on sep ira every year?