Great, so in summary for 2016, I cant just do SEP for myself and too late for SIMPLE:(.
Anyway I will setup SIMPLE from this year onward, sorry I am throwing few more questions...
-do I have to deduct and deposit in SIMPLE every month equally? or can I deduct quarterly/ half yearly?
-can I still contribute in traditional ira on top of SIMPLE?
-How payroll tax calculated, 25% contribution is from employee, so lets say employee salary is 10K/month, am I suppose to deduct payroll tax on 10K or 7.5k?
Once again thanks a lot for your help.