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Kathy is 60 years of age and self-employed. During 2018 she reported $510,000 of revenues and $102,500 of expenses relating to her self-employment activities. If

Kathy is 60 years of age and self-employed. During 2018 she reported $510,000 of revenues and $102,500 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)

Multiple Choice

  • $55,000.

  • $61,000.

  • $78,816.

  • $376,326.

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