Elective deferrals, not exceeding the ADP test, are not subject to income tax in the year of deferral, but are included in wages for social ... In 1995 Jim chooses to have $4, 500 taken out of his pay to fund employer contributions to his SEP-IRA. ... However, the excise tax and a penalty will be imposed on users of dyed diesel fuel who know or have reason to know that they used the fuel for a taxable use.
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