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Kiplinger.com 에서 퍼온 글.
http://www.kiplinger.com/columns/ask/archive/2007/q0801.htm

Question:  I'm self-employed and am trying to decide where to invest for
 retirement. Which would be better: a Simplified Employee Pension (SEP) or a
 solo 401(k)?

Answer -- The SEP is easier. It's available through most mutual fund
companies and brokerage firms, generally with the same range of investment
choices as their IRAs. But you may be able to contribute more money by
opening a solo 401(k).

Contributions to a SEP are limited to 20% of your business income (which is
business income minus half of your self-employment tax), up to a maximum of
$45,000. With a solo 401(k), on the other hand, you can contribute up to $15,500
 plus 20% of your business income (defined the same way as above), with a
 maximum contribution of $45,000 in 2007. You can make an extra $5,000
 catch-up contribution if you're 50 or older.

Because the first $15,500 is not based on a percentage of your income, then
you'll generally be able to contribute a lot more to a solo 401(k) than you can to
 a SEP, especially if you earn just a little extra money from a freelance job. You
can't contribute more than your business income for the year, but if you earn
just $15,500 from self-employed freelancing, for example, then you can
contribute the whole amount to a solo 401(k).

If you have a regular 401(k) through an employer and have some freelance
earnings on the side, then your solo 401(k) limits will be reduced by any
 contributions you've made to a regular 401(k). But that only affects the first
$15,500 of contributions, not the 20% of business income. So if you contributed
$10,000 to a regular 401(k) through your employer, for example, then your solo
 401(k) contributions will be limited to $5,500 plus 20% of your business income
 -- which would still put you ahead of a SEP.

Many brokerage firms and mutual fund companies do not offer solo 401(k)s,
however, and the fees and investment choices can vary a lot by company.
Carolyn McClanahan, a certified financial planner in Jacksonville, Fla., generally
 recommends Fidelity's self-employed 401(k) because of the good investment
choices, low costs and help with the required tax forms. "Most of my clients are
 able to save significant amounts because of the solo 401(k)," she says.