What is a SEP account?

Question

I need information for work on SEP accounts. I do not quite understand what they are. Thanks.

Answer 1

SEP IRA
From Wikipedia, the free encyclopedia

A Simplified Employee Pension Individual Retirement Account is a variation of the Individual Retirement Account used in the United States. Even more so than the SIMPLE IRA, the SEP IRA really is "simple." There are no real administration costs if you are self-employed and don't have any employees. If you do have employees, all employees must receive the same benefits under a SEP plan. Since SEP accounts are treated as IRAs, funds can be invested the same way as any other IRA

Short story: They're an IRA you can set up if you are a self-employed person in a small business.

Answer 2

Someone Else's Pants.
If you borrow a friend's trousers and find money in the pockets you can put it in a SEP account. The interest legally belongs to you and to the friend, although the capital remains the property of the owner of the Pants.
You get to keep the Pants, though.

Hope this has cleared it up for you.

(How are you by the way?) xx