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  3. a. 28. retirement plans. (objs. 5 and 6). assume t

a. 28. Retirement Plans. (Objs. 5 and 6). Assume that Liz Bell (SSN 304-16-1059) had...

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a. 28. Retirement Plans. (Objs. 5 and 6). Assume that Liz Bell (SSN 304-16-1059) had $14,000 of net profit from self-employment in 2020 and wants to make the maximum contribution to a SEP. Prepare Schedule SE to determine the amount of self-employment tax that Liz owes on her self-employment profits. b. What is the maximum Liz can contribute to a SEP plan that would be fully deducted from gross income on her 2020 income tax return? Where on the tax return is the deduction claimed? If Liz wants to contribute to a SEP plan, by what date must she make a contribution for 2020? a. 28. Retirement Plans. (Objs. 5 and 6). Assume that Liz Bell (SSN 304-16-1059) had $14,000 of net profit from self-employment in 2020 and wants to make the maximum contribution to a SEP. Prepare Schedule SE to determine the amount of self-employment tax that Liz owes on her self-employment profits. b. What is the maximum Liz can contribute to a SEP plan that would be fully deducted from gross income on her 2020 income tax return? Where on the tax return is the deduction claimed? If Liz wants to contribute to a SEP plan, by what date must she make a contribution for 2020

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