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2. SEP-IRA - Wikipedia

   en.wikipedia.org/wiki/SEP-IRA

   The contribution limit for self-employed persons is more complicated; barring limits, it is 20% of net profit. The computation is in IRS Pub 560, section 5, Table and Worksheets for the Self-Employed, specifically Rate Worksheet for Self-Employed. [5] Two complications are: Federal Insurance Contributions Act tax (FICA) Reduced rate

3. A complete guide to SEP IRAs: Why those who are self-employed ...

   www.aol.com/finance/complete-guide-sep-iras-why...

   About 16.5 million people in the U.S. are self-employed, according to 2023 data from the Bureau of Labor Statistics. ... Remember, the SEP IRA is an employer contribution (not an employee ...

4. Here's how the self-employed can save on taxes and help ... - AOL

   www.aol.com/finance/heres-self-employed-save...

   Folks in business for themselves may also choose a solo 401(k), a retirement plan for self-employed people without employees (except possibly a spouse). This year, your pre-tax total contribution ...

5. Keogh plan - Wikipedia

   en.wikipedia.org/wiki/Keogh_Plan

   Scenario #1 – A self-employed accountant makes $50,000 per year from her accounting business. Her maximum contribution is 25% of her post-contribution income ($10,000, which would be the same as saying 20% of her gross income), regardless of whether she uses a SEP-IRA, Keogh plan, or SIMPLE 401(k). Since there are less administrative costs ...

6. Adjusted Gross Income: What It Is and How To Calculate ... - AOL

   www.aol.com/finance/adjusted-gross-income...

   Adjusted gross income is an important number used to determine how much you owe in taxes. It's a factor in determining your federal tax bracket and taxable income -- the portion of your income ...

7. Solo 401 (k) - Wikipedia

   en.wikipedia.org/wiki/Solo_401(k)

   A Solo 401(k) (also known as a Self Employed 401(k) or Individual 401(k)) is a 401(k) qualified retirement plan for Americans that was designed specifically for employers with no full-time employees other than the business owner(s) and their spouse(s). The general 401(k) plan gives employees an incentive to save for retirement by allowing them ...

8. Social Security Wage Base - Wikipedia

   en.wikipedia.org/wiki/Social_Security_Wage_Base

   In 2013, the employee rate returns to 6.2% for a 50/50 split with the employer and a higher Maximum Contribution. For self-employed people, the 2013 guidance from SSA indicates the full rate OASDI is 12.4% for 2013. See footnote a. at 2013 SSA.gov link. Returning to the traditional 6.2% OASDI employee share for 2013 effectively reduces take ...

9. SIMPLE IRA - Wikipedia

   en.wikipedia.org/wiki/SIMPLE_IRA

   Employees are not required to make regular IRA contributions to their SIMPLE IRA account. A SIMPLE IRA requires a certain minimum contribution from the employer. The employer may either: Match the contributions of each employees dollar-for-dollar up to 3% of the employee's compensation (or a smaller percentage in certain cases); or