During 2023, Pencho is a self-employed therapist, and his net earned income is $170,000 from his practice. Pencho's SEP-IRA Plan, a defined contribution plan, states that he will contribute the maximum amount allowable. Calculate Pencho's contribution.

During 2023, Pencho is a self-employed therapist, and his net earned income is $170,000 from his practice. Pencho's SEP-IRA Plan, a defined contribution plan, states that he will contribute the maximum amount allowable. Calculate Pencho's contribution.

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter4: Income Exclusions

Section: Chapter Questions

Problem 42P: Tia is married and is employed by Carrera Auto Parts. In 2019, Carrera established high-deductible...

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