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Ultimate guide to retirement. A SEP IRA is a type of traditional IRA for self-employed individuals or small business owners. (SEP stands for Simplified Employee Pension.) Any business owner with one or more employees, or anyone with freelance income, can open a SEP IRA.
C = 0.15/1.15 = 0.1304. Contribution = (A-B)*C. The contribution percentage for an SEP is limited to 25% for self employed, and that's before you work through the formula above, reducing it for one half of self employment tax, etc. The maximum contribution limit for an SEP, regardless of how much you earn, is $46,000. At the maximum contribution percentage of 25%.