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Printable Form 5304-SIMPLE Grand Rapids Michigan: What You Should Know

The other plans require that certain limits be met. This plan allows the employer to  contribute salary reduction contribution for all employees under age 50 at the beginning of the calendar year, and then increase the  employee's SIMPLE IRA balance from the amount to be deducted to the amount of the payroll deduction. The SIMPLE IRA plan allows the employee to transfer up to 100,000 per year. The employer has the option to make an income tax deduction for the contributions to the tax-deferred plan, and to take a 5% tax deduction using pre-tax money contributions. The 5-percent reduction in the salary contributions to this IRA plan is required to reduce the salary reductions by the employer contributions that are made on a regular basis to the plan.  This plan also requires that the employee's balance in the plan is 250,000, subject to the limitation described below. The SIMPLE IRA plan will allow the employer to contribute 5,000 in the second year to the employee's SIMPLE IRA. This plan allows an employer to make a 5% contribution to the employee's account, no matter what. This can be done by direct transfer to the SIMPLE IRA account using a check or money order, or by a check to the Employer, who must be the payer. The additional contribution is to be made on the payroll of the employee of the employer. For employees who do not have a pay stub, an employer may use another form of employee compensation. This plan does not provide that a reduction in the payroll deduction from the salary reduction is required.  The SIMPLE IRA plan does not allow the employer to make an income tax deduction for the contributions made to the SIMPLE IRA account. The Employer will be required to report the employer contributions to the employer's Schedule A and pay the tax using the employee's payroll deduction. If the Employee does not have a pay stub, the Employer may use any method of payment to make the contribution, including a check. All payroll deduction expenses are eligible items for reducibility of business taxes. The 5% non-employee contribution to the IRA (or other qualified plan) from the employee's salary can be added to the first 100,000 of SIMPLE IRA annual additions, provided that the Employee has a balance of 250,000 to a SIMPLE IRA and does not make a cash withdrawal of 100,000.

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