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Julius owns and operates Julius's Exotic Journeys (JEJ), a sole proprietorship. JEJ sponsors a profitsharing plan. Julius had net income of $150,000 and paid self-employment
Julius owns and operates Julius's Exotic Journeys (JEJ), a sole proprietorship. JEJ sponsors a profitsharing plan. Julius had net income of $150,000 and paid self-employment taxes of $20,000 (assumed) during the year. Julius has decided to make a 15% contribution for his employees for the year. Assuming Julius is over the age of 50, what amount will he contribute for himself to the plan for 2023? a. $18,261. b. $21,000. c. $28,000. d. $25,761
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