Hi,

In a prior post I came across: 

"Their overall limit is 25% of compensation. But an over 50 contribution doesn't count toward the limit."

My question:  does this mean that if an SCorp owner's SEP for 2021 is $32,000 ($128,000 x 25%) and they are > 50 yrs old the SCorp can contribute up to $6,500 more?

Also if SEP contribution is for SCORP owner with no employees, please confirm that contribution is not considered deferred compensation in Box 1 of W2 but rather expense item on 1120S.