Elvira is a self-employed taxpayer who turns 42 years old at the end of the year (2021). In 2021, 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? (Round your intermediate calculations and final answers to the nearest whole dollar amount.) Problem 13-78 Part a (Static)
Elvira is a self-employed taxpayer who turns 42 years old at the end of the year (2021). In 2021, 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? (Round your intermediate calculations and final answers to the nearest whole dollar amount.) Problem 13-78 Part a (Static)
Chapter19: Deferred Compensation
Section: Chapter Questions
Problem 41P
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![Propiem 13-18 (LU 13-5) (Static)
[The following information applies to the questions displayed below.]
Elvira is a self-employed taxpayer who turns 42 years old at the end of the year (2021). In 2021, 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? (Round your
intermediate calculations and final answers to the nearest whole dollar amount.)
Problem 13-78 Part a (Static)
a. She sets up a SEP IRA.
Maximum contribution
Show Transcribed Text
b. She sets up an individual 401(k).
Maximum contribution](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fcd96efc3-2f98-4cac-898c-7da2d5d05bd8%2F3b71b14b-737c-482a-96aa-f2df0c48ecb4%2Fgawp8pm_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Propiem 13-18 (LU 13-5) (Static)
[The following information applies to the questions displayed below.]
Elvira is a self-employed taxpayer who turns 42 years old at the end of the year (2021). In 2021, 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? (Round your
intermediate calculations and final answers to the nearest whole dollar amount.)
Problem 13-78 Part a (Static)
a. She sets up a SEP IRA.
Maximum contribution
Show Transcribed Text
b. She sets up an individual 401(k).
Maximum contribution
![Rita is a self-employed taxpayer who turns 39 years old at the end of the year (2021). In 2021, her net Schedule C income
was $300,000. 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? (Round
your intermediate calculations and final answers to the nearest whole dollar amount.)
Problem 13-80 Part a (Static)
a. She sets up a SEP IRA.
Maximum contribution
Show Transcribed Text
Problem 13-80 Part b (Static)
b. She sets up an individual 401(k).
Maximum contribution](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fcd96efc3-2f98-4cac-898c-7da2d5d05bd8%2F3b71b14b-737c-482a-96aa-f2df0c48ecb4%2Fdgrqbrm_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Rita is a self-employed taxpayer who turns 39 years old at the end of the year (2021). In 2021, her net Schedule C income
was $300,000. 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? (Round
your intermediate calculations and final answers to the nearest whole dollar amount.)
Problem 13-80 Part a (Static)
a. She sets up a SEP IRA.
Maximum contribution
Show Transcribed Text
Problem 13-80 Part b (Static)
b. She sets up an individual 401(k).
Maximum contribution
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