Kathy is 60 years of age and self-employed, single taxpayer. During 2019, she reported $100,000 of revenues and $40,000 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) for 2019? Assume she paid $8,478 of self-employment tax for 2019.
Employees can contribute up to $19,000 to their 401(k) plan for 2019. Since Kathy is above 50 years she is eligible for an additional catch-up contribution of $6,000 in 2019.
Kathy is 60 years of age and self-employed, single taxpayer. During 2019, she reported $100,000 of...
Kathy is 60 years of age and self-employed. During 2017, she reported $100,000 of revenues and $40,000 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 a simplified employee pension (SEP) IRA for 2017? Kathy is 48 years of age and self-employed. During 2017, she reported $100,000 of revenues and $40,000 of expenses relating to her self-employment activities. If Kathy has no other...
Kathy is 60 years of age and self-employed. During 2018, she reported $504,000 of revenues and $100,800 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) for 2018? (Round your final answer to the nearest whole number)
Kathy is 60 years of age and self-employed. During 2018, she reported $520,000 of revenues and $104,000 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) for 2018? (Round your final answer to the nearest whole number)
Kathy is 48 years of age and self-employed. During 2018 she reported $510,000 of revenues and $102,000 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)?
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
Kathy is 60 years of age and self-employed. During 2018 she reported $517,000 of revenues and $104,250 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 a simplified employee pension (SEP) IRA for 2018? (Round your final answer to the nearest whole number)
Kathy is 60 years of age and self-employed. During 2018 she reported $102,000 of revenues and $40,400 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 a simplified employee pension (SEP) IRA for 2018? (Round your final answer to the nearest whole number)
Kathy is 48 years of age and self-employed. During 2018 she reported $108,000 of revenues and $43,200 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 a simplified employee pension (SEP) IRA for 2018? (Round your final answer to the nearest whole number)
Kathy is 48 years of age and self-employed. During 2018 she reported $102,000 of revenues and $40,800 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 a simplified employee pension (SEP) IRA for 2018? (Round your final answer to the nearest whole number)
For each taxpayer, compute the maximum contribution to the retirement plan. a. Lewis, a self-employed individual, has net earned income of $50,000 in 2018. If Lewis has no employees, calculate the maximum contribution to a SEP plan that he may deduct from his adjusted gross income. $_____________ b. During 2018, Linda, age 32, has a salary of $40,000. She participates in a Section 401(k) plan and chooses to defer 25 percent of her compensation. What is the maximum amount Linda...