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Kathy is 60 years of age and self-employed. During 2018 she reported $513,000 of revenues and $103,250 of expenses relating to her self-employment activities. If

Kathy is 60 years of age and self-employed. During 2018 she reported $513,000 of revenues and $103,250 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?

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$55,000.

$61,000.

$79,260.

$378,404.

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