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14. Jeff earned $80,000 in 2018 running his own financial planning firm. Jeff is the only employee in the firm and would like to contribute

14. Jeff earned $80,000 in 2018 running his own financial planning firm. Jeff is the only employee in the firm and would like to contribute the maximum allowed amount to a SEP IRA. What is Jeff’s maximum SEP contribution? What is Jeff’s AGI?

a. SEP Contribution $16,000: AGI $64,000

b. SEP Contribution $14,870: AGI $59,478

c. SEP Contribution $14,870: AGI $65,130

d. SEP Contribution $20,000: AGI $54,348

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