Question
Robin (32) is the sole proprietor of a sushi restaurant. In 2022, she made SEP-IRA contributions on behalf of herself and three employees. Her contributions
Robin (32) is the sole proprietor of a sushi restaurant. In 2022, she made SEP-IRA contributions on behalf of herself and three employees. Her contributions were made in the following amounts:
- $6,000 in employer contributions for her employees.
- $3,500 in employer contributions to her own SEP IRA.
How much will Robin deduct on Schedule 1 (Form 1040), line 15 (Self-employed SEP, SIMPLE, and qualified plans)?
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Accounting Theory
Authors: Ahmed Raihi-Belkaoui
5th Edition
1844800296, 978-1844800292
