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Form 5305-S for Lewisville Texas: What You Should Know

Employers, can use as a tax-deductible educational contribution tax deduction for their employees and their eligible family members to set aside money with a tax-deferred account for retirement, but it is also a federal tax deduction.  A SIMPLE IRA is not taxed, but the contribution of the employer is taxed, with a maximum of 5,500 a year. If the SIMPLE IRA plan is set up as a SIMPLE 401(k), for example, the employee's tax rate would be at the top rate of 37%. Employer Tax Deduction for SIMPLE IRA Businesses can deduct the employee contribution to a SIMPLE IRA and the employee contribution to a SIMPLE 401(k) account and their combined deduction amount from the employee tax bill. A SIMPLE IRA contributions also has an employer credit. Form 5305-SIMPLE, Savings Incentive Match Plan for Employees of Small Employers This is a simplified form of a SIMPLE IRA plan that may be used for your business or individuals who do not have their own bank accounts but want to set aside some money for safe keeping. SUMMARY OF SIMPLE IRA PLAN FEES, TAXES AND BENEFITS For Employees of Small Employers There are no additional tax payments for providing the SIMPLE IRA plan because these plans are already tax-qualified, although they incur no interest charges. There is a 3% annual limit on the contributions to a SIMPLE IRA plan for each eligible participant. An employer is limited on the employer contribution to a SIMPLE IRA account. (Form 5309) If the qualified plan balance exceeds 5,500, the participant does not pay income tax on the balance contributed in excess of 5,500 during the calendar year. There are multiple options for the amount of contribution to a SIMPLE IRA (Form 5305). For employers that make contribution to a SIMPLE IRA plan for their employees, there are no additional federal taxes because these plans are already qualified. There are three tax breaks available to the employer in determining the amount of employer contributions to a SIMPLE IRA plan: 1) Employer credit (Form 5309) for contributions made on behalf of an employee.

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