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LSDefine

Simple English definitions for legal terms

SEP

Read a random definition: dual employment

A quick definition of SEP:

SEP: A type of retirement savings plan for employees that allows employers to contribute money to their employees' accounts. Employers have the flexibility to limit contributions when business is bad, but must contribute at the same rate for all employees. Only employers can establish and contribute to a SEP-IRA. Contributions are tax deductible and the annual contribution limits are higher than other IRAs, up to $58,000 in 2021.

A more thorough explanation:

A Simplified Employee Pension Plan (SEP) is a type of retirement savings plan that allows employers to contribute to their employees' retirement accounts. SEP-IRA is another name for this type of plan. It is more flexible than a traditional IRA account because employers have the option to limit contributions when business is bad. Only employers can establish and contribute to a SEP-IRA, and they must do so at the same rate for all employees.

For example, if an employer decides to contribute 10% of an employee's salary to their SEP-IRA, they must contribute the same percentage to all employees who are eligible for the plan. An employer's contributions to a SEP-IRA remain tax-deductible like other IRAs, and the plan has low maintenance costs.

The annual contribution limits for a SEP-IRA are much higher than other IRAs. An employer can contribute up to the lesser of 25% of the employee's wages or the annual cap, which is $58,000 as of 2021. This means that if an employee earns $100,000 per year, their employer can contribute up to $25,000 to their SEP-IRA.

Overall, a SEP-IRA is a great option for employers who want to provide retirement benefits to their employees while maintaining flexibility in their contributions.

Sentencing | SEP-IRA

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9:32
[kevin oleary]
worthless i trust you implicitly you know what it will happen now.
worthless i trust you implicitly you know what it will happen now.
worthless i trust you implicitly you know what it will happen now.
worthless i trust you implicitly you know what it will happen now.
worthless i trust you implicitly you know what it will happen now.
WorthlessAttractiveZombie
9:34
I mean if Fordham doesn't release today I will purposefully get on a train, go to new york, and then take the stinkiest shit inside the admission office's toilet (potentially clogging it and forcing them to get a plumber)
IS IT ONLY ON MY END WHY DID THAT SEND TEN MILLION TIMES
HELLO
WorthlessAttractiveZombie
9:35
it sent a million times lol
WHAT HAPPENED
yeah i thought you were tweaking for a second
i'm so sorry everyone what the actual fuck this website hates me
WorthlessAttractiveZombie
9:35
Jack's just tweaking on LSD no biggie
to be fair this accurately represents my mental state
election day psychosis coming in hot (fordham)
usc pls pull through .....
i literally just need one A so i can relax before my ED decision
WorthlessAttractiveZombie
9:38
oh that's right USC might release
soapy
9:43
USC still has not looked at my app
WorthlessAttractiveZombie
9:43
when did you submit soapy?
soapy
9:44
10/16
WorthlessAttractiveZombie
9:44
to be fair it took them almost 2 months for me to go under review
soapy
9:44
Feelin a bit stressed, as I've got no date change for Michigan either despite applying 10/7
WorthlessAttractiveZombie
9:45
I have not had a date change either for Mich but I've seen people get in without one so who knows
I applied 9/25 to like 6 schools and some (Houston) have no date change yet so dw
soapy
9:46
But do people get in without addresses going long?
WorthlessAttractiveZombie
9:46
it's tough to tell because a lot of people type out their addresses long to begin with
soapy
9:46
Ah. I didn't. Looking back, my Mich supplement kind of sucks, so there's that
Mich overrated (Dean Z please let me in even tho i didnt apply and I am below both 25ths)
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