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 retirement accounts in her name, what is the maximum amount she can contribute to a simplified employee pension (SEP) IRA for 2017?
Kathy is 60 years of age and self-employed. During 2017, she reported $500,000 of revenues and $100,000 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?
a) Contributions an employer can make to an employee's SEP-IRA cannot exceed the lesser of:
1) 25% of the Employee's Compensation or 20% of your net adjusted annual self-employment income.
2) $54,000 for 2017
Her maximum contribution is the lesser of
1) $ 11,152 [($60,000-(60,000*0.9235*0.153* 0.5))* 20%]
2) $ 54,000
There is no catch-up contribution for tax payers at least 50 years of age at the end of the year.
Ans : $ 11,152
b) He may contribute the lesser of
1) $29,152 [[($60,000-(60,000*.9235*.153*.5))*20%]+$18,000]
2) 54,000
Ans: $29,152
c) He may contribute the lesser of
1)$74,348 [($400,000-(400,000*0.9235*0.153* 0.5))* 20%]
2) $54,000
Ans: $54,000
Kathy is 60 years of age and self-employed. During 2017, she reported $100,000 of revenues and...
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)
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.
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
1. Sue is a self-employed. Her net profit from the self-employment in 2018 is $150,000. What’s her deductible portion of SE tax on line 27 of Schedule 1? a) $11,475 b) $10,597 c) $ 9,969 d) $ 9,823 2. Young is single and self-employed. His net profit from the business is $100,000. His SE tax on Schedule SE is $14,130. He contributed $6,000 to his self-employed SEP IRA account. He also paid $7,800 self-employed health insurance premium in 2018. What...