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.
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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.
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- Tia is married and is employed by Carrera Auto Parts. In 2019, Carrera established high-deductible health insurance for all its employees. The plan has a 2,700 deductible for married taxpayers. Carrera also contributes 5 percent of each employees salary to a Health Savings Account. Tias salary is 30,000 in 2019 and 32,000 in 2020. Tia makes the maximum allowable contribution to her HSA in 2019 and 2020. She received 600 from the HSA for her 2019 medical expenses. In 2020, she spends 1,400 on medical expenses from her HSA. The MSA earns 28 in 2019 and 46 in 2020. a. What is the effect of the HSA transactions on Tias adjusted gross income? b. How much does Tia have in her HSA account at the end of 2020?During 2021, Jerry is a self employed therapist, and his net earned income is $160000 from his practice. Jerry's SEP plan, a defined contribution plan, states that he will contribute the maximum amount allowable. The maximum amount allowable Of Jerry's contribution is 32,000 160,000 x 20% = $32,000Elvira is a self-employed taxpayer who turns 42 years old at the end of the year (2022). In 2022, her net Schedule C income was $130,000. This was her only source of income. This year, Elvira is considering setting up a retirement plan. What is the maximum amount Elvira may contribute to the self-employed plan in each of the following situations? Note: Round your intermediate calculations and final answers to the nearest whole dollar amount. a. She sets up a SEP IRA. b. She sets up an individual 401(k).
- Please do not give solution in image format ?For the following scenarios, compute the maximum total deductible contribution to a traditional IRA for 2023. Traditional IRA Contribution a. Juan, age 41, earns a salary of $58,000 and is not an active participant in any other qualified plan. His wife, Agnes, generates no earned income. 6,000 XRita is a self-employed taxpayer who turns 39 years old at the end of the year (2022). In 2022, her net Schedule C income was $298,000. This was her only source of income. This year, Rita is considering setting up a retirement plan. What is the maximum amount Rita may contribute to the self-employed plan in each of the following situations? Note: Round your intermediate calculations and final answers to the nearest whole dollar amount. a. She sets up a SEP IRA. b. She sets up an individual 401(k).
- hHareshRita is a self-employed taxpayer who turns 39 years old at the end of the year (2023). In 2023, her net Schedule C income was $314,000. This was her only source of income. This year, Rita is considering setting up a retirement plan. What is the maximum amount Rita may contribute to the self-employed plan in each of the following situations? Note: Round your intermediate calculations and final answers to the nearest whole dollar amount. Problem 13-85 Part a (Algo) a. She sets up a SEP IRA. Maximum contribution
- Rita is a self-employed taxpayer who turns 39 years old at the end of the year (2022). In 2022, her net Schedule C income was $306,000. This was her only source of income. This year, Rita is considering setting up a retirement plan. What is the maximum amount Rita may contribute to the self-employed plan in each of the following situations? a. She sets up a SEP IRA.Jackson and Ashley Turner (both 45 years old) are married and want to contribute to a Roth IRA for Ashley. In 2022, their AGI is $209,000. Jackson and Ashley each earned half of the income. Note: Leave no answers blank. Enter zero if applicable. c. Assume that Ashley earned all of the couple's income and that she contributed the maximum amount she is allowed to contribute to a Roth IRA. What amount can be contributed to Jackson's Roth IRA?Rita is a self-employed taxpayer who turns 39 years old at the end of the year (2022). In 2022, her net Schedule C income was $304,000. This was her only source of income. This year, Rita is considering setting up a retirement plan. What is the maximum amount Rita may contribute to the self-employed plan in each of the following situations? Note: Round your intermediate calculations and final answers to the nearest whole dollar amount. Problem 13-85 Part a (Algo) a. She sets up a SEP IRA.
