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Irene, age 46, is a self-employed financial planner and has Schedule C net income from self-employment of $125,000. Her self-employment tax for the year is
Irene, age 46, is a self-employed financial planner and has Schedule C net income from self-employment of $125,000. Her self-employment tax for the year is $17,662. She would like to make the maximum contribution to her profit sharing plan. How much can she contribute to her profit sharing plan account?
A. $29,042
B. $21,468
C. $23.234
D. $26,835
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