I'm just looking for thoughts on a self employed SIMPLE. From what I have read so far it looks like $10K contribution plus 3% match up to $7500 (3% of $250K) Does this sound right? All Thoughts Welcome.
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Where do you get a 3% of 250K limit?
Per TTB page 13-17, "The 3% match is not subject to the employee compensation limitations for qualified plans. Thus, an employee with a high enough salary could have the employer match employee deferrals dollar for dollar up to the employee's elective deferral limit for the year."
"The nonelective 2% match is subject to the compensation limitations for qualified plans. Thus, for 2005, an employer cannot contribute more than $4,200 for any one employee ($210,000 X 2%)." -
I knew it would be you Knees
Somehow I knew you would come along and correct me if I were wrong, in fact, I was counting on it. I now consider myself corrected. Thank YouComment
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