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I'd still go for Option #1 because of the health insurance.

crosenfield,

Thanks for the reply. Is the above due to the possibility of something happening to me and then he'd have to cover his own insurance? As I said, the difference would only be about $25 of going it on his name vs. adding him to my policy.

However, I did neglect to remember the employer portion of FICO. That's the missing piece I was looking for. And, it's not insubstantial.

The opportunity to put more into a SEP vs. the 401(k) is very attractive, but the additional FICO swings me to option 1.

thanks for the reply
3MM
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