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Evaluate Plan.docx Evaluating My Retirement Plan The evaluation for a self-employed is

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Evaluate Plan.docx    Evaluating My Retirement Plan  The evaluation for a self-employed is a little different from someone thats employed by a company. As an owner of a hair salon having a retirement  plan is very important. 401(k) Plan is an employer- sponsored retirement  account offered to the employees of a company but for the self-employed they must purchase a plan from outside sources like from the IRS.  The IRS offers several retirement  plan that can work for someone that is self-employed. Simplified Employee Pension (SEP) plan allows self-employed to contribute to traditional IRSs. By contributing as much as 25% of their net earning from self-employment and up to $58,000 for 2021 ($57,000 for 2020 and $56,000 for 2019). To open a SEP-IRA plan is go through a bank or other financial institutions such as credit unions.  To qualify for 401(k) plan as a self-employed person must make annual salary deferrals up to $19,500 in  2021, plus an additional $6,500 in 2021 if their 50 or older either on a pretax basis or as designated Roth contributions. Also, contribute up to an additional 25% of their net earnings from self-employment for total contributions of $58,000 for 2021 ($57,000 (for 2020 and $56,000 for 2019), including salary deferrals. Self-employed can make contributions on behalf of themselves only if they have net earnings (compensation) from self-employment in the trade or business for which the plan was set up. They net earnings must be from their personal services, not from their 

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[Solved] Evaluate Plan.docx Evaluating My Retirement Plan The evaluation for a self-employed is

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Evaluate Plan.docx Evaluating My Retirement Plan The evaluation for a self-employed is a little different from someone thats employed by a company. As an owner of a hair salon having a retirement plan is very important. 401(k) Plan is an employer- sponsored retirement account offered to the employees of a company but for the self-employed they must purchase a plan from ou...
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