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PLEASE HELP and provide step by step calculations so I can understand where I am going wrong with mine.... Determine the maximum contribution that can
PLEASE HELP and provide step by step calculations so I can understand where I am going wrong with mine....
Determine the maximum contribution that can be made to a Keogh plan in each of the following cases. In all instances, the individual is self-employed, and the self-employment tax reduction has already been taken.
Required:
- Self-employment income of $57,000.
- Self-employment income of $57,000 and wage income of $30,000.
- Self-employment income of $125,000.
- Self-employment income of $295,000.
Amount
a.Maximum Keogh plan contribution $____$11,400______
b.Maximum Keogh plan contribution $____$11,400_____
c.Maximum Keogh plan contribution $________________
d.Maximum Keogh plan contribution $______$57,000________
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