question 16 **Self-Employment Retirement Contribution Example**Kathy is 48 years old and self-employed. During 2023, she reported $522,000 in revenues and $104,400 in expenses related to her self-employment activities. If Kathy has no other retirement accounts in her name, what is the maximum amount she can contribute to an individual 401(k)?**Multiple Choice Options:**- $73,500- $66,000- $7,500- $22,500When determining the maximum contribution to an individual 401(k) for a self-employed individual, the contribution is typically determined based on net earnings from self-employment. In this scenario, this would be the revenue minus expenses.**Steps to Calculate:**1. **Net Earnings:** Calculate the net earnings by subtracting expenses from revenues.2. **Contribution Limits:** Refer to the IRS guidelines for self-employed individual 401(k) contributions, which include elective deferral and employer contribution limits.To get a deeper understanding of how these calculations are done, consider factors like catch-up contributions for individuals over 50, if applicable.

401 (K) Plan: It implies to a plan that is sponsored or funded by the employer with respect to the…

Kathy is 48 years of age and self-employed. During 2023 she reported $522,000 of revenues and $104,400 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 an individual 401(k)? Multiple Choice $73,500 $66,000 $7,500 $22,500

Kathy is 48 years of age and self-employed. During 2023 she reported $522,000 of revenues and $104,400 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 an individual 401(k)? Multiple Choice $73,500 $66,000 $7,500 $22,500

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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