Hi again, Jeremy,
I teach ESL online as an independent contractor. I don’t get a 1099 since the company I work for is based in China and doesn’t have US offices. I fill out a Schedule C when I do my taxes. I recently learned about SEP IRAs and am wondering what the benefit of doing a SEP as an independent contractor are? My understanding is that you can put more in per year but are there other benefits? Thanks!
The tax benefit is the same. Money goes in tax free, you don’t pay tax until you take it out at retirement. And yeah, the main benefit is higher contribution limit. Also there is an income limit in place for Traditional IRAs that’s pretty low so you may not be eligible for one at all. But you likely could do a SEP IRA and a Roth IRA. Fill up both with index funds. That sounds like a good strategy to me! 
I’ve been doing more research on the SEP and wanted to double check that I am understanding the contribution limits correctly. I only make about $20,000/year as a part-time, independent contractor (online ESL teacher). The SEP limit is 25% of compensation so does that mean I can only contribute $5,000 to a SEP?
I’m honestly not sure. That’s the kind of question I would run by my CPA as it may interact with the rest of your tax situation.