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Required information [The following information applies to the questions displayed below.] Rita is a self-employed taxpayer who turns 39 years old at the end of the year (2022). In 2022, her net Schedule C income was $288,000. This was her only source of income. This year, Rita is considering setting up a retirement plan. What is the maximum amount Rita may contribute to the self-employed plan in each of the following situations? Note: Round your intermediate calculations and final answers to the nearest whole dollar amount. a. She sets up a SEP IRA. Required information [The following information applles to the questions displayed below.] Rita is a self-employed taxpayer who turns 39 years old at the end of the year (2022). In 2022, her net Schedule C income was $288,000. This was her only source of income. This year, Rita is considering setting up a retirement plan. What is the maximum amount Rita may contribute to the self-employed plan in each of the following situations? Note: Round your intermediate calculations and final answers to the nearest whole dollar amount. b. She sets up an individual 401(k). distributed, and distributions from the plans are fully taxable. 37 As we discuss below, these plans differ in terms of their annual contribution limits. They also have different nontax characteristics, including their suitability for businesses with employees other than the owner and their administration costs. As you might expect, these factors should be considered when selfemployed small business owners choose a retirement plan. 38 We describe SEP IRAs and individual 401(k) plans below 39 Simplified Employee Pension (SEP) IRA A simplified employee pension (SEP) can be administered through an individual retirement account (IRA) called a SEP IRA. 40 The owner of a sole proprietorship can make annual contributions directly to a SEP IRA. For 2022, the annual contribution is limited to the lexser of: - $61,000 or - 20 percent of Schedule C net income, after reducing Schedule C net income by the deduction for the employer's portion of selfemployment taxes paid ( 50 percent of the self-employment taxes paid) 44! In general, the selfemployment tax base is 92.65 percent of Schedule C net income (termed "net earnings from selfemployment"). The selfemployment tax rate is 15.3 percent of the first $147,000 of self employment tax base plus 2.9 percent on the amount above $147,000(2022 limits). See the Individual Income Tax Computation and Tax Credits chapter for details on computing selfemployment tax Contributions can be made up to the extended due date of the tax return. 22 While taxpayers are not allowed to make nondeductible. contributions to SEP IRAs (no Roth option), they can convert funds in a SEP IRA to a Roth IRA. This would have the same effect as backdoor Roth IRA contributions through nondeductible traditional IRA contributions except the limit would be much higher (i.c.. potentially $61,000 vs. $6,000, depending on income) because the SEP IRA contribution would be deductible and the Roth conversion would be taxable. The,deduction and the income would offsct, so there would be no immediate tax cost or tax savings associated with the conversion