Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Kathy is 48 years of age and self-employed. During 2018 she reported $112,000 of revenues and $44,800 of expenses relating to her self-employment activities. If
Kathy is 48 years of age and self-employed. During 2018 she reported $112,000 of revenues and $44,800 of expenses relating to her self-employment activities. If Kathy has no other retirement accounts in her name, what is the maximum amount she can contribute to a simplified employee pension (SEP) IRA for 2018? (Round your final answer to the nearest whole number)
Kathy is 60 years of age and self-employed. During 2018 she reported $516,000 of revenues and $104,000 of expenses relating to her self-employment activities. If Kathy has no other retirement accounts in her name, what is the maximum amount she can contribute to a simplified employee pension (SEP) IRA for 2018? (Round your final answer to the nearest whole number)
Kathy is 60 years of age and self-employed. During 2018, she reported $514,000 of revenues and $102,800 of expenses relating to her self-employment activities. If Kathy has no other retirement accounts in her name, what is the maximum amount she can contribute to an individual 401(k) for 2018? (Round your final answer to the nearest whole number)
Kathy is 48 years of age and self-employed. During 2018 she reported $504,000 of revenues and $100,800 of expenses relating to her self-employment activities. If Kathy has no other retirement accounts in her name, what is the maximum amount she can contribute to an individual 401(k)?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started