Accounting Question
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Step 1
SEP IRA: Simplified Employee Pension is an option available for individuals planning to contribute towards retirement plans at higher amounts than traditional IRA.
The limits specified in the tax laws for the year 2020 are lesser of:
a. 25% of compensation (or)
b. $57,000
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