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Accounting
Cathy is 60 years of age and self-employed. During 2023 she reported $106,000 of revenues and $41,200 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 SEP IRA for 2023? Note: Round your final answer to the nearest whole number.

Cathy is 60 years of age and self-employed. During 2023 she reported $106,000 of revenues and $41,200 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 SEP IRA for 2023? Note: Round your final answer to the nearest whole number.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Kathy is 60 years of age and self-employed. During 2023 she reported $106,000 of revenues and $41,200 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 SEP IRA for 2023? Note: Round your final answer to the nearest whole number. Multiple Choice $12,044 $18,544 $77,910 $66,000
Transcribed Image Text:Kathy is 60 years of age and self-employed. During 2023 she reported $106,000 of revenues and $41,200 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 SEP IRA for 2023? Note: Round your final answer to the nearest whole number. Multiple Choice $12,044 $18,544 $77,910 $66,000
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