Question
Rita is a self-employed taxpayer who turns 39 years old at the end of the year (2021). In 2021, her net Schedule C income was
Rita is a self-employed taxpayer who turns 39 years old at the end of the year (2021). In 2021, 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?
a. She sets up a SEP IRA
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College Accounting A Practical Approach
Authors: Jeffrey Slater, Debra Good
14th Canadian Edition
0135222419, 978-0135222416
