By Jean D. Sifleet
The final word reference on repayment for small company owners
past 401(k)s for Small enterprise vendors offers concepts for decreasing taxes, making plans to your retirement, and profitable high-performing staff. professional recommendation from legal professional and CPA Jean Sifleet can assist small company vendors maximize their very own rewards and create an atmosphere within which staff understand that their exertions will suggest a greater destiny for themselves.
In transparent, basic language this e-book is helping you determine what sort of plan you could come up with the money for, what your staff wish, and what to do. vital tax and assurance concerns are lined intimately and step by step suggestions helps you to layout a repayment approach that works for either you and your staff. Case reports, pattern plans, and worthy references make this e-book your one-stop resource for entire assurance of possible choices, from funds bonus courses to worker inventory choice plans (ESOPs) and every thing in among. With past 401(k)s for Small enterprise vendors you should have all of the instruments you would like to:
* Maximize proprietor advantages, lessen taxes, and increase your retirement income
* Use inventive reimbursement to inspire your employees
* comprehend certified and nonqualified plans
* handle the original problems with relatives businesses
* Get the simplest deal on assurance and merits to your company
* stay away from dear pitfalls
* degree your growth and continue your plan on target
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Additional resources for A small business guide to incentive, deferred compensation & retirement plans
6. Ask how well employees understand their current benefits. This information is often confusing to employees. By asking them how well they understand any documents or memos they have received, you can learn how best to improve your communications. 7. Ask employees how satisfied they are with their current benefits. 2 shows an example of a simple questionnaire that will provide the answer when you collate the results of all of your employees’ responses. 2 Benefit Satisfaction Questionnaire Please circle the number that best expresses your satisfaction/dissatisfaction with each benefit: Very Dissatisfied Dissatisfied Partly Satisfied/ Dissatisfied Medical 1 2 3 4 5 Dental 1 2 3 4 5 Life 1 2 3 4 5 Insurance Satisfied Very Satisfied 8.
Setup fees vary, but beware of “no fee” claims. You need to identify the cost because the fees may be hidden. Complexity of Administration Employee participation is a critical element in 401(k) plans. To ensure that they are not favoring highly compensated employees, the plans must meet nondiscrimination tests. You will need an actuary to determine whether you meet the complex test criteria. Discrimination testing is a costly annual process. If the tests show that lower-paid employee participation is not sufficient to justify contributions by highly compensated employees, the excess contributions have to be refunded to maintain plan compliance.
50 percent of pay). The required amount of contributions is calculated to achieve that payout. The DB and DC plans are more complicated to establish and more costly to administer than the SEP and SIMPLE plans. 9). 401(k) Plans Under Section 401(k) of the Internal Revenue Code, employees may choose to contribute up to 15 percent of annual pretax compensation up to a maximum $11,000 in 2002. In 2006, the maximum employee contribution increases to $15,000 of pretax pay. The maximum for employer and employee contributions combined is 25 percent of compensation up to a maximum of $40,000 in 2002.