Savings Incentive Match Plan for Employees (SIMPLE)
An IRA set up by an employer with no other retirement plan and employing fewer than 100 employees which
can contribute up to $9,000 per year.
Section 83(b) Election
Decision made by an employee to recognize taxable income on the purchase price of an incentive stock option within
30 days following the date when an option is exercised and to withhold taxes at the normal tax rate at the time.
Self-Employment Contributions Act (SECA)
A federal act requiring self-employed business owners to pay the same total tax rates for social security and
Medicare taxes that are split between employees and employers under the Federal Insurance Contributions Act (FICA).
Sick Pay
A fixed amount of pay benefit available to employees who cannot work due to sickness. Company policy fixes the amount
of this benefit that can be carried forward into future periods.
Signature Card
A bank document containing the signatures of all approved signatories that a company has approved to sign checks.
Signature Plate
A stamp on which is inscribed an authorized check signer's signature, and which is used to imprint the signature on
completed checks.
Social Security Act of 1935
A federal act establishing Old Age and Survivor's Insurance that was funded by compulsory savings by wage earners.
State Disability Tax
A tax charged by selected states to maintain a disability insurance fund, from which payments are made to employees who are
unable to work as a result of injury or illness.
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