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A self-employed individual sets up a SEP IRA for himself and his employees. Under the plan the ER makes a contribution equal to 10% of
A self-employed individual sets up a SEP IRA for himself and his employees. Under the plan the ER makes a contribution equal to 10% of covered compensation for each employee. The self-employed individual has business income after the deduction for social security taxes equal to $120,000. What is the plans contribution for the self-employed individual?
$11.909 | ||
$13,500 | ||
$10,909 | ||
$12,000 |
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