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Form 5304-SIMPLE North Carolina: What You Should Know

Below I list information on various ways that an employer can make contributions to a SIMPLE IRA plan as a part of their plan. Including the above, an employer can make contributions to SIMPLE Plans using any of the following methods. A. Employer Direct Contribution Employer Direct will pay you the tax due on the contributions through payroll deduction. A. Employer Direct Contribution Methods Employer Direct: Direct Deposit to Employee Savings Account. It is very important that the employees have direct access to the account, and it is the responsibility of the employer to ensure that the employee is the account holder. In some cases this may not be easy because employees may be overseas and the plan does not have a US DFI yet. If the employee is an overseas employee with a new company or the employer has been relocated, this will most likely be a very difficult and complicated setup for the employer. When you send the employees' money from their paycheck, it is best to use an ATM that allows direct deposit of money without having to enter your employees' username and password. The most commonly used ATMs that allow direct deposit are Chase Bank, Citibank, and PNC Bank. You can use the debit-credits that you receive at those banks to fund the savings account. This is also called “Direct Deposit to a Deposit Account” which typically gets a good reaction. The payroll deduction would be made to the employee's local credit union account, and they could use their debit card to access the funds in the credit union account. B. Employee Payroll Deduction/Direct Deposit Employee payroll deduction — If the employer sends a payroll deduction through the payroll deduction form. Employer direct deduction — If an employee is eligible for an employer direct deduction. C. Credit/Debit Credit/debit transfer to the SIMPLE IRA Account. Employer credit/debit transfer from paycheck or bank statement to the SIMPLE IRA Account. D. Payroll Deposits — if the money is taken out of the paycheck or out of a bank statement. Payroll deduction using debit or credit that is taken from a check made payable to the employee. Payroll deduction using ATM funds. Payroll deduction from the employee's paycheck, bank statement, or online banking account. It will be the responsibility of the employer to ensure that they pay into the account. E.

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