Audric is a self-employed landscaper with earned income from the business of $234,000 (after the deduction...
Audric is a self-employed landscaper with earned income from the business of $234,000 (after the deduction for one-half of his self-employment tax). He has a profit-sharing plan (e.g., defined contribution Keogh plan). The maximum amount Audric can contribute to his retirement plan in 2018 is $_______________.
Homework Answers
The maximum amount Audric can contribute to his retirement plan in 2018 is $46800
Calculated as .
Least of following
1 20% of Eligible Compensation = 20% of $234000
= $46800
2. Maximum Limit = $55000
Maximum amount can contribute is least of $46800 or $55000 which is $46800
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