Pauls Paint -N-Plumbing, Inc. (3P) has been in business for 33 years. Penelope is retiring and passing the business on to her two children in equal shares to manage and operate according to their skills and experience. The children, Derek and Morgan, decide to adopt a retirement plan for both current and future employees in an attempt to attract and retain talent. They have decided to adopt a SIMPLE IRA, funded by both employee and employer contributions.

(3) 0.5Points-WhataretheannualdollarlimitsfordeferralsandER contributions to a SIMPLE IRA - Employee deferral? - Employee Catch-Up Deferral? - Employer contribution maximum