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Employer Eligibility:

  • Sole Proprietorships
  • Partnerships
  •  
    S and C Corporations
  • L.L.C.
  • Non-Profit Organizations
  • Government Entities

 

Contribution (Benefit) Limits: 

Lesser of 25% of compensation or:

$42,000 (2005)
$44,000 (2006)
$45,000 (2007)
$46,000 (2008)

 

Maximum Employee Eligibility Requirements:

An employer can require that an employee:

1)     be 21, AND

2)     work during any three of the immediately preceding five years, AND

3)     earn at least $500 in the current year

There is no number of hour requirements.

Set-up Deadline:

 

Business’s tax filing deadline, including extensions.

 

Contribution Deadline:

 

Business’s tax filing deadline, including extensions.