Enrolled Agent Exam [Part 2] 93, SEP-IRA and SIMPLE-IRA Plans

This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. In this episode you will learn: - SEP-IRA contributions are made only by the employer and are discretionary each year. - The SEP contribution for a self-employed person is based on net adjusted self-employment income, not gross profit. - SIMPLE-IRAs are for employers with 100 or fewer employees and allow for both employee and mandatory employer contributions. - The two employer funding options for a SIMPLE-IRA are a 3% match or a 2% nonelective contribution. - Withdrawals from a SIMPLE-IRA within the first two years of participation face a steep 25% penalty, not the usual 10%. For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep