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Perry operates In-N-Out Pharmacy, a sole proprietorship In-N-Out sponsors a profit sharing plan. Perry had net income of $205,000 and paid self-employment taxes of $30,000

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Perry operates In-N-Out Pharmacy, a sole proprietorship In-N-Out sponsors a profit sharing plan. Perry had net income of $205,000 and paid self-employment taxes of $30,000 during the year. If Perry makes a 15% of salary contribution on behalf of all of his employees to the profit sharing plan, how much is the contribution to the profit sharing plan on behalf of Perry? a. $22,820. b. $24,776. c. $26,250. d. $30,750

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