Does anyone know what the maximum income allowable for a couple to place them at zero net federal taxes owed. Considering no usual deductions, no mortgage interest etc. I'm looking for that "sweet" number!
Also, correct me if I'm wrong, can a self employed individual w/ no employees open a SIMPLE IRA (which has a maximum contribution of ?10,500 / year) and can he/she have a self-employed income that is eg., 11,000k per year and thus pay no taxes on that income. I don't believe the SIMPLE is tied to a percentage of your income as is with a SEP IRA.
I believe with a SEP IRA it would be a percentage of the AGI to a max of ?42k contribution.
Also, correct me if I'm wrong, can a self employed individual w/ no employees open a SIMPLE IRA (which has a maximum contribution of ?10,500 / year) and can he/she have a self-employed income that is eg., 11,000k per year and thus pay no taxes on that income. I don't believe the SIMPLE is tied to a percentage of your income as is with a SEP IRA.
I believe with a SEP IRA it would be a percentage of the AGI to a max of ?42k contribution.