Jordan owns and operates Jordans Exotic Journeys (JEJ), a sole proprietorship. JEJ sponsors a profit-sharing...
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Accounting
Jordan owns and operates Jordans Exotic Journeys (JEJ), a sole proprietorship. JEJ sponsors a profit-sharing plan. Jordan had net income of $150,000 and paid self-employment taxes of $20,000 (assumed) during the year. Jordan has decided to make a 15% contribution for her employees for the year. Assuming Jordan is over the age of 50, what amount will she contribute for herself to the plan for 2017?
a. $16,957.
b. $18,261.
c. $28,000.
d. $54,000.
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