What is a SEP plan?
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Tax Professional Answers
John Stancil
SEP stands for Simplified Employee Pension, and may be used to fund an IRA for the business owner and employees. Hence, it is frequently referred to as a SEP-IRA plan. Limits are 25% of an employee's compensation, not to exceed $53,000. The record-keeping and reporting requirements are simpler than for a 401(k) plan.
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429 weeks ago