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Kathy is 60 years of age and self-employed. During 2018 she reported $517,000 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)

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The maximum amount she can contributed to a simplified employee pension IRA for 2018 shall be Lower 25% of Net Earnings from Self Employment or $55,000 that will be 25% of $412750 and it is limit up to $55,000 So she can contribute up to maximum of $55,000 for year 2018 $103,187.50

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