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Briefly describe the myth of individualism in Texas.
401(k) Plan
A retirement savings plan sponsored by an employer, allowing employees to save and invest a portion of their paycheck before taxes are taken out.
Keogh Deduction
A Keogh Deduction refers to tax-deferred pension plan contributions for self-employed individuals and unincorporated businesses, allowing for higher contribution limits compared to other retirement accounts.
Self-Employment Tax
A tax consisting of Social Security and Medicare taxes primarily for individuals who work for themselves.
Highly Compensated Employees
Employees who receive compensation from the business exceeding a specific threshold set by the IRS, subject to additional tax regulation.
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