Kathy is 48 years of age and self-employed. During 2018 she reported $506,000 of revenues and $101,200 of expenses relating to her self-employment activities. If Kathy has no other retirement accounts in her name, what is the maximum amount she can contribute to an individual 401(k)?
a. 55,000
b. 61,000
c. 96,784
d. 102,780
Answer: $55000
Explanation: The Maximum Annual defined Contribution in 401(k) contribution is $55000,If age is under 50.
Kathy is 48 years of age and self-employed. During 2018 she reported $506,000 of revenues and...
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