Who writes off the amount put into a SEP, the business or the employee?
- Anonymous8 months ago
The employer deducts contributions made with the employer's money.
The employee's taxable income is reduced by the amount of contribution that comes from their own wages/salary.
- EvaLv 78 months ago
Who contributed the money? If the business paid it without deducting it from the employee's paycheck, the business deducts it as an employee benefit. If it was a post tax deduction from the employee's paycheck, the employee deducts it.