Colin owns and operates Colins Creative Coaching (3C), a sole proprietorship. 3C sponsors a 401(k)/profitsharing...
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Accounting
Colin owns and operates Colins Creative Coaching (3C), a sole proprietorship. 3C sponsors a 401(k)/profitsharing plan. Colin had net income of $200,000 and paid self-employment taxes of $20,000 (assumed) during the year. Assuming Colin is over the age of 50, what is the maximum amount that Colin and his company can contribute on his behalf to the plan for 2017?
a. $24,000.
b. $54,000.
c. $60,000.
d. $62,000.
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