Michelle's online auction business has taken off this year, and she had to hire two employees. She has a website on which she sells products in a manner similar to other stores. The most unusual and valuable items in her inventory are available through Internet auction only.

Her store is linked to the online auction website and several search engines. She is projecting a net income of $90,000 from the business in the current year. Michelle wants to keep her workforce stable by offering them benefits, including a retirement plan. She also wants to use company profits to strengthen their family retirement strategy. She has heard about the testing of retirement plans and wants a plan that will minimize the testing and administration burden. What are the requilements for a SIMPLE IRA that make it a great choice? CHOOSE ALL that apply.

use company profits to strengthen their family retirement strategy. She has heard about the testing of retirement plans and wants a plan that will minimize the testing and administration burden. What are the requirements for a SIMPLE IRA that make it a great choice? CHOOSE ALL that apply. She would not have to include her employees in the SIMPLE IRA until they have worked with her for two years and expect to make at least $5,000 in a year. She would be required to contribute for the workers is a 3% match or a 2% nonelective contribution. Michelle could contribute up to see annual limits The business could add a 3% employer match on net selfemployment income If times were hard, the SIMPLE IRA match could be lowered to 1% in two out of five years. A SIMPLE IRA can offer retirement plan loans