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re: Best small business retirement account contribution rate for President/ owners?
Posted on 1/7/24 at 8:03 am to baldona
Posted on 1/7/24 at 8:03 am to baldona
I have an S-Corp and a SEP. You either have to give everyone the same annual payout, or 25% of each person's salary. What I do is the 25% contribution, and pay myself and my wife (owner) a salary that maxes out the $66K (now $68K) contribution for the year, otherwise I would have to pay everyone $66K.
Yes, after three years you have to offer the plan to the employee, but you could offer it on day 1 if you choose, but it applies to everyone and not just for a rockstar new hire.
I consulted with a tax attorney about this. I recommend establishing a relationship with one.
Yes, after three years you have to offer the plan to the employee, but you could offer it on day 1 if you choose, but it applies to everyone and not just for a rockstar new hire.
I consulted with a tax attorney about this. I recommend establishing a relationship with one.
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