During 2018, Alec Meachin earned a net profit of ($ 80,000) from his sole proprietorship (as reported

Question:

During 2018, Alec Meachin earned a net profit of $\$ 80,000$ from his sole proprietorship (as reported on Schedule C). He paid $\$ 10,000$ self-employment taxes during the year. What is the maximum contribution and deduction amount available to Alec if he maintains a

a. Solo $401(\mathrm{k})$ plan?

b. SEP IRA?

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