Question
ALBERT, 52 is the sole proprietor of a consulting business that will have Schedule C net income of $80,000 this year. The business maintains a
ALBERT, 52 is the sole proprietor of a consulting business that will have Schedule C net income of $80,000 this year. The business maintains a profit-sharing Keogh plan and Albert is the only plan participant. What is the maximum that can be contributed to the plan this year on Alberts behalf? The self employment tax for Albert is $11,304.
A. $23,500
B. $14,870
C. $20,000
D. $16,680
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Investments
Authors: William F. Sharpe, Gordon J. Alexander, Jeffery V. Bailey
6th Edition
8120321014, 978-8120321014
