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Form 5304-SIMPLE for Palmdale California: What You Should Know

The organization's goal is to serve the people of the community and to engage the community in the arts as a means of improving quality of life through education and artistic expression. We Are Community Arts is also a 501 c 3 organization. Simplified Employee Stock Ownership Plan For Start-Ups What is the SIMPLE? SIMPLE (Savings incentive Match Plan for Employees of Small Employers) IRA Plan A SIMPLE (Employee Stock Ownership Plan for Employees) IRA is a tax-deferred contribution plan, available only to eligible employees of small employers, as defined in section 4960H. The account owner is the employee. Contribution limits The maximum annual contribution under a SIMPLE is: (a) 2,500 in 2024 in a total of 6,000 and (b) 3,000 in 2019. The employer must make at least 20 percent of the employee's contributions. Employers are limited to 100 percent of qualified employee contributions that satisfy the SIMPLE IRA requirements for any calendar year. Qualified employee is defined in the code. Contributions by the employer are deductible by the employee; contributions that may be made by the employer for an employee, however, are not deductible. In addition, the employee's compensation for such contributions is subject to tax on the basis of the employee's compensation. Contribution Eligibility For an employee to be eligible to establish a SIMPLE, the employee must meet all the following criteria.  Socially and economically disadvantaged to the extent that the employee's eligibility for Social Security benefits is based upon their status. The employee must be at least age 26 and be either (1) physically or mentally disabled; or (2) age 50 or over at the time of termination; and (3) not entitled to a monthly disability benefit under section 1141(f). At the time of establishment of the SIMPLE, this condition must be met. Either (a) the employee has at least a 50 percent ownership, and control, of the business and (b) the employee is subject to an election described in the Code making contributions under a SIMPLE a condition of the employment.

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