I started the plan back in 1995 when I started my dental practice and I am registered as an LLC
2007-03-24 03:00:46 · 2 answers · asked by Wunschie 1 in Business & Finance ➔ Taxes ➔ United States
The maximum amount that can be contributed to an employee's simplified employee pension (SEP) plan account is the lesser of 25 percent of the employee's compensation for the year (up to $220,000 considered in 2006 and $225,000 in 2007) or $44,000 in 2006 ($45,000 in 2007). The employer's annual contribution limit also includes any elective contributions made by the employee under a salary reduction SEP (SARSEP).
Based upon your salary, the max is $41,250.
2007-03-24 03:26:54 · answer #1 · answered by Bostonian In MO 7 · 0⤊ 0⤋
Yes, the information provided is correct.
Now, you need to think about enjoying life!
2007-03-25 04:29:03 · answer #2 · answered by Tom T 3 · 0⤊ 0⤋