Problem 11-36 (LO. 6) In 2018, Susan's sole proprietorship earns $300,000 of self-employment net income (after...
Problem 11-36 (LO. 6)
In 2018, Susan's sole proprietorship earns $300,000 of self-employment net income (after the deduction for one-half of self-employment tax).
The maximum amount that Susan can deduct for contributions to a defined contribution Keogh plan is $.?
Homework Answers
The deduction limit to a defined contribution Keogh plan for self employed is 100% of the pre tax income subject to maximum of $56000.
Therefore in the given case maximum amount that Susan can deduct is $56000.
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Problem 11-36 (LO. 6)
In 2018, Susan's sole proprietorship earns $300,000 of
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Problem 11-35 (LO. 6) In 2019, Susan's sole proprietorship earns $300,000 of self-employment net income (after the deduction for one-half of self-employment tax). Calculate the maximum amount Susan can deduct for contributions to a defined contribution Keogh plan.
In 2018, Susan's sole proprietorship earns $300,000 of self-employment net income (after the deduction for one-half...
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