SEP, SIMPLE AND QUALIFIED PLANS
A document that outlines the requirements for setting up retirement plans for business owners and their employees. Published by the Internal Revenue Service (IRS), it outlines the following: type of plan to set up, process of setting up, contributions and deductions, manner of treating distributions, and reporting details on the plan to both the IRS and employees. It also gives specific information for Simplified Employee Pension (SEP), SIMPLE IRAs, and qualified plans.
POPULAR TERMS
Mutual Exclusion Doctrine
A reciprocal agreement between federal and state and local taxing bodies that mandates mutual exclusion in taxation. The interest earned on federal ...
Stockbroker
1. Company serving as an agent on behalf of its client, charging a commission to the customer for rendering its services.
2. Agent which ...
Cascade Tax
Tax imposed on a good at every production process until it is being sold to the end user. This turnover tax has each successive transfer being taxe ...
Electronic Check
Payment form via the internet designed to perform the same function as a traditional paper check. Since it is in electronic format, it gives greate ...
KGS
Currency abbreviation for Kyrgyzstan (also called Kyrgyz Republic). A fraction of a som is a tiyin, the functional equivalent of a US cent. The pap ...
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