PLEASE SHOW ALL WORK SO I CAN FOLLOW ALONG! THANK YOU SO MUCH! 56,000 IS NOT THE ANSWER. I REPEAT 56,000 IS NOT THE ANSWER. I HAVE SEEN THIS ANSWER BEFORE. PLEASE DO NOT GIVE ME 56,000 BECAUSE IT IS NOT CORRECT.

In 2021, Megan's sole proprietorship earns $300,000 of self-employment net income (after the deduction for one-half of self-employment tax) Calculate the maximum amount that Megan can deduct for contributions to a defined contribution Keogh plan. In 2021, Megan's sole proprietorship earns $300,000 of self-employment net income (after the deduction for one-half of self-employment tax) Calculate the maximum amount that Megan can deduct for contributions to a defined contribution Keogh plan