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  3. craig reports $250,000 in gross self-employment in

Craig reports $250,000 in gross self-employment income from his sole proprietorship. What is the maximum...

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Accounting

  1. Craig reports $250,000 in gross self-employment income from his sole proprietorship. What is the maximum amount that Craig may contribute and deduct if his plan is a SIMPLE IRA? What is the maximum amount that Craig may contribute and deduct if his plan is a SEP IRA?

Answer:
  1. Barney participates in his employer's 401(k) plan and would like to borrow the maximum amount possible from his account balance. How much can he borrow currently borrow if he is vested in each scenario in the amount of $7,000, $70,000, or $150,000?

Answer:
  1. Sam and Martha are married filing jointly and wish to contribute to separate traditional IRA accounts. Sam works as a college professor and earned $195,000 in 2020. Martha earns $55,000 and is not covered by a retirement plan at work. What is the maximum deductible amount each may contribute to an IRA in 2020?

Answer:
  1. The ZXY Company has ten employees each earning $44,000 per year. Four of the employees participate in the company-sponsored SIMPLE. Each participating employee contributes the maximum amount to a SIMPLE account. Under the matching plan, over a five-year period, what are the maximum and minimum amounts the company can elect to contribute?

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