I own a corporation. The corporation owns 3 other corporations each with its own fast food restaurants. I would like to setup a 401k for myself and a few of my managers. I wanted to know if my understanding so far is right.
1) For myself I will setup a Self-employment 401k
-I could contribute ~$50k
2) For my managers I will setup a 401k Profit Sharing system
-I could deduct up to 25% of their annual compensation (~$50k max)
-contribution could be adjusted based on profits (no contribution required)
The goal is to have as much net tax savings as possible. Where should I go to set this up? I see INGDirect offers a good program
1) For myself I will setup a Self-employment 401k
-I could contribute ~$50k
2) For my managers I will setup a 401k Profit Sharing system
-I could deduct up to 25% of their annual compensation (~$50k max)
-contribution could be adjusted based on profits (no contribution required)
The goal is to have as much net tax savings as possible. Where should I go to set this up? I see INGDirect offers a good program