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NOTE 8 — Retirement Plan
12 Months Ended
Dec. 31, 2023
Accounting Policies [Abstract]  
NOTE 8 — Retirement Plan

NOTE 8 — Retirement Plan

 

The Company has a tax-deferred savings plan, the Socket Mobile, Inc. 401(k) Plan (“401(k) Plan”), for the benefit of qualified employees. The 401(k) Plan is designed to provide employees with an accumulation of funds at retirement. Qualified employees may elect to make contributions to the 401(k) Plan monthly. The Company provides a match to employees’ 401(k) savings at 3% of employees’ contribution, up to $100 per month. For the years ended December 31,2023 and 2022, total company matching contributions amounted to $50,950 and $49,200, respectively. Administrative expenses relating to the 401(k) Plan are not significant.