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Small Business and Self-Employed Retirement Plans (LO 5.4) During 2023, Pencho is a self-employed therapist, and his net earned income is $160,000 from his

Small Business and Self-Employed Retirement Plans (LO 5.4) During 2023, Pencho is a self-employed therapist, and his net earned income is $160,000 from his practice. Pencho's SEP-IRA Plan, a defined contribution plan, states that he will contribute the maximum amount allowable. Calculate Pencho's contribution. 61,000 X

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