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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
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$55,000.
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$61,000.
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$78,816.
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$376,326.
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