Get Answers Support Payroll Employer General What is a SIMPLE IRA? Last modified 3/26/2025 5:46:51 AM EST SIMPLE IRA, or Savings Incentive Match Plan for Employees, is a tax-deferred retirement plan used by businesses with fewer employees. Employers can choose a non-elective contribution of 2% of the employee’s compensation or matching contributions of up to 3%. Was this helpful? Yes No Related Questions What are the retirement plans offered by TaxBandits? What is a 401(k) traditional? What is a 401(k) Roth? Go to Home Page Need more help? Get in touch with our dedicated support team Contact Us (704) 684-4751 support@taxbandits.com Sign Up for a FREE TaxBandits Account! The Smart CPA Choice Register Now Already have an account? Sign in