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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

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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 $280,000. 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 b (Algo) b. She sets up an individual 401(k)

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