$!$

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 $(2023).$ In

$2023,$ her net Schedule C income was $$268,000.$ 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.

Answer is complete but not entirely correct.