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Kathy is 48 years of age and self-employed. During 2018 she reported $102,000 of revenues and...

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)

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Maximum amount Kathy can contribute to an individual 401(k) for 2018 = 15300

She may contribute the lesser of -

(1) $55000 or

(2) $61200[($(102000-40800 )×25% that will be 15300

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