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An Individual 401K Plan is qualified plan where the self-employed, can choose to contribute a portion of their cash wages on a tax-deferred basis. These wages are not subject to income tax withholding at the time of deferral and they are not included as taxable wages. They are included as wages subject to Social Security, Medicare and Federal unemployment taxes.
A qualified plan can include cash or deferred arrangement only if it is a Profit Sharing Plan or a Money Purchase Plan, in existence on June 27, 1974. Contact our Customer Service Department to discuss eligibility requirements as well as other qualified retirement plans.
Eligibility
Contributions
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