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 $284,000. 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? (Round your intermediate calculations and final answers to the nearest whole dollar amount.)

Problem 13-80 Part a (Algo)

a. She sets up a SEP IRA. b. She sets up an individual 401(k)

DO NOT BOTHER GIVING THE ANSWER IF YOU COME TO THE CONCLUSION THAT THE ANSWER IS 58,000. THIS IS WRONG ACCORDING TO CONNECT.