12-17-2003, 08:07 AM
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 Re: SIMPLE IRA - Employer match computation gindie wrote: - quote - > My wife has a $6000/year second job (self-employed). She
The matching percentage is multiplied by her net earnings.> opened a SIMPLE IRA this year and contributed $2400. For > the employer match option, she chose to match contributions > up to 3% of earnings. > Question: Assuming that $6000 is also her net income, > should the earnings number that she bases her match on be > $6000 or $5541 (which is $6000 x .9235, deducting for 1/2 of > SE)? Net earnings is net profit times .9235. (The amount on Line 4 of the short Schedule SE.) -- Alan http://taxtopics.net << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#-1
12-15-2003, 01:44 PM
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| SIMPLE IRA - Employer match computation My wife has a $6000/year second job (self-employed). She opened a SIMPLE IRA this year and contributed $2400. For the employer match option, she chose to match contributions up to 3% of earnings. Question: Assuming that $6000 is also her net income, should the earnings number that she bases her match on be $6000 or $5541 (which is $6000 x .9235, deducting for 1/2 of SE)? << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
| Tags |
| computation, employer, ira, match, simple |
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