Question 1:

Required information Problem 13-85 (LO 13-5) (Algo) [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 $314,000. 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. Problem 13-85 Part a (Algo) a. She sets up a SEP IRA. Required information Problem 13-86 (LO 13-5) (Static) [The following information applies to the questions displayed below.] Reggie is a self-employed taxpayer who turns 59 years old at the end of the year (2022). In 2022 , his net Schedule C income was $300,000. This was his only source of income. This year, Reggie is considering setting up a retirement plan. What is the maximum amount he may contribute to the self-employed plan in each of the following situations? Note: Round your intermediate calculations to the nearest whole dollar amount. Problem 13-86 Part a (Static) a. He sets up a SEP IRA