Bellina is a self-employed architect with earned income from the business of $276,000 (after the deduction...
Bellina is a self-employed architect with earned income from the business of $276,000 (after the deduction for one-half of her self-employment tax). She has a profit-sharing plan (e.g., defined contribution Keogh plan). The maximum amount Bellina can contribute to her retirement plan in 2018 is $ .
Homework Answers
The maximum contribution is 25% of net earnings from self-employment up to maximum $55,000 for 2018
Accordingly 25% of $276,000 will be $69,000 or $55,000 whichever is lower
The maximum amount which can be contributed to retirement plan is $ 55,000
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