40. During 2018, Alec Machine 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) solo 401(k) plan? (b) SEP IRA? 41. An employee with $200,000 compensation participates in her company's SIMPLE 401(k) plan. If the employee elects to contribute the maximum allowable amount into the plan what amount should see contribute if the nominal plan rate is (a) 5% (b) 10%