Kathy is 60 years of age and self-employed. During 2019 she reported $506,000 of revenues and $103,000 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 2019? Assume she pays $27,396 in self-employment for 2019. (Round your final answer to the nearest whole number.)

Multiple Choice

• $56,000.

• $62,000.

• $77,860.

• $371,482.

Kathy is 48 years of age and self-employed. During 2019, she reported $100,000 of revenues and $40,000 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 an individual 401(k) for 2019? Assume she paid $8,478 of self-employment tax for 2019. (Round your final answer to the nearest whole number.)

Multiple Choice

• $11,152.

• $30,152.

• $36,152.

• $56,000.