Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. hi, i need help with this question. i multiplied e

Hi, I need help with this question. I multiplied each persons income by 25% (ex:...

50.1K

Verified Solution

Question

Accounting

Hi, I need help with this question. I multiplied each persons income by 25% (ex: 57,000 x .25 = 14,250) but it was marked wrong. Can someone please tell me how Im supposed to figure this out, the book is not really helpful nor does it have many examples. image
Problem 11-51 (LO 11-2) Determine the maximum contribution that can be made to a Keogh plan in each of the following cases. In all instances, the individual is self-employed, and the self-employment tax reduction has already been taken. a Self-employment income of $57,000. b. Self-employment income of $57,000 and wage income of $35,500. c. Self-employment income of $160,000. d. Self-employment income of $291,000. Maximum Keogh plan Maximum Keogh plan Maximum Keogh plan $ 14,250 23,125 40,000 3,000 dconaithumkgh plan contributon

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Advance Math
1.2K views

Evaluate each integral in and explain why you used the method you did. ? ?11 ???...

General Management
1.2K views

Give an example of how you might apply the transportation model or assignment model concepts- either at...

Biology
1.2K views

When is an argument sound?O When the evidence is true.O When both the assumption and...

Basic Math
1.2K views

An expedition leader estimates that a group of hikers can carry less than or equal...

Calculus
1.2K views

Evaluate the integral below by interpreting it in terms of areas in the figure The...

Algebra
1.2K views

ssuming A is a square matrix that satisfies the condition A2 3A 21 0 find...

Accounting
1.2K views

Bluecomet Company has acquired a parcel of land with an old building on it. They...

Accounting
1.2K views

The following data are for the Akron Division of Consolidated Rubber, Inc.: $930,000 $ 63,000...

Accounting
1.2K views

The following selected transactions were completed by Capers Company during October of the current year:...

Accounting
1.2K views

Weston Products manufactures an industrial cleaning compound that goes through three processing departmentsGrinding, Mixing, and...

Accounting
1.2K views

balance of 6,200 yards of material. If the material costs $4.30 per yard, determine the...

Accounting
1.2K views

Un hombre invierte ahora 10.000 pesos para la educacin universitaria de su hijo de 2...