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Mike owns a sole-proprietorship with gross revenue of $245,000 and total expenses of $73,500, resulting in a net profit of $171,500. Mike's net income equals

Mike owns a sole-proprietorship with gross revenue of $245,000 and total expenses of $73,500, resulting in a net profit of $171,500.

Mike's net income equals the fees less the expenses listed above.

How much could Mike contribute for himself in 2021 if he set up a safe-harbor 401(k) plan?

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