provide employee-sponsored retirement accounts, if your employer offers a 401 or similar plan, you cannot also take advantage of a SIMPLE IRA.There are just two requirements to determine SIMPLE IRA eligibility. The first is that you must work for a small business — typically defined as one that staffs 100 or fewer employees.
The second is that you must have earned at least $5,000 from your employer in each of the previous two years, and expect to earn at least $5,000 in the current year.Like many other retirement accounts, the IRS places annual limits on employee contributions to SIMPLE IRAs. , which is significantly higher than the maximums placed on individual retirement accounts, but lower than the cap on 401 contributions.
. That's because unless you qualify for an exception, disbursements taken before that point are subject to an additional 10% tax. if you dip into the funds within the first two years of enrollment in your SIMPLE IRA. Because these early withdrawal penalties are so steep, it's important that you're only setting aside those funds that you're comfortable parting with long-term.
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Employers have made billions off of cheating employees out wages for decades as though workers are some kind of enemy. Workers are consumers who buy goods wages go back to employers as we spend keepig wages in line with current rents costs make keep society stable
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