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.
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.
Chapter5: Deductions For And From Agi
Section: Chapter Questions
Problem 9P
Related questions
Question
A5
![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](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F9a4fc75e-5a0a-4417-af24-c1d284c337f4%2Fb40bd3af-fffa-4644-9072-9051e349dee0%2Feqaudon_processed.jpeg&w=3840&q=75)
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
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Recommended textbooks for you
![Individual Income Taxes](https://www.bartleby.com/isbn_cover_images/9780357109731/9780357109731_smallCoverImage.gif)
Individual Income Taxes
Accounting
ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT
![Individual Income Taxes](https://www.bartleby.com/isbn_cover_images/9780357109731/9780357109731_smallCoverImage.gif)
Individual Income Taxes
Accounting
ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT