Warning

Info

Warning

Info

Warning

Info

LSDefine

Simple English definitions for legal terms

Simplified Employee Pension plan

Read a random definition: self-liquidating mortgage

A quick definition of Simplified Employee Pension plan:

Simplified Employee Pension plan: A type of retirement savings plan that employers can set up for their employees. With a SEP-IRA, employers have the flexibility to limit contributions when business is bad. Only employers can contribute to a SEP-IRA, and they must do so at the same rate for all employees. The contributions are tax deductible and the annual contribution limits are higher than other types of retirement plans.

A more thorough explanation:

A Simplified Employee Pension plan, also known as SEP-IRA, is a type of Individual Retirement Account (IRA) that offers more flexibility to employers than a traditional IRA.

With a SEP-IRA, employers are not required to make annual contributions like a Simple IRA. Instead, they have the option to limit contributions when business is slow. Only employers can establish and contribute to a SEP-IRA, and they must do so at the same rate for all employees.

SEP-IRA contributions are tax-deductible for employers, and the plan has low maintenance costs. The annual contribution limit for a SEP-IRA is much higher than other IRAs, with employers being able to contribute up to the lesser of 25% of the employee's wages or $58,000 as of 2021.

For example, if an employer has ten employees and decides to contribute 10% of their salaries to their SEP-IRA accounts, they must contribute the same percentage to all employees. If an employee earns $50,000 per year, the employer can contribute up to $12,500 to their SEP-IRA account.

In summary, a SEP-IRA is a retirement savings plan that offers more flexibility to employers than a traditional IRA. Employers can contribute up to 25% of their employee's wages or $58,000, whichever is less, and the contributions are tax-deductible.

Simple trust | Simplified Network Application Process Redesign (SNAP-R)

Warning

Info

General

General chat about the legal profession.
main_chatroom
👍 Chat vibe: 0 👎
Help us make LSD better!
Tell us what's important to you
MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
LSD+ is ad-free, with DMs, discounts, case briefs & more.