Kathy is 60 years of age and self-employed. During 2019, she reported $538,000 of revenues...
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Accounting
Kathy is 60 years of age and self-employed. During 2019, she reported $538,000 of revenues and $107,600 of expenses relating to her self-employment activities. If Kathy has no other retirement accounts in her name, what is the maximum amount she can contribute to an individual 401(k) for 2019? Assume she pays $28,484 in self-employment for 2019. (Round your final answer to the nearest whole number.)
Multiple Choice
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$56,000.
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$62,000.
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$102,232.
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$83,232.
Kathy is 48 years of age and self-employed. During 2019 she reported $514,000 of revenues and $102,800 of expenses relating to her self-employment activities. If Kathy has no other retirement accounts in her name, what is the maximum amount she can contribute to an individual 401(k)?
Multiple Choice
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$56,000.
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$62,000.
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$79,491.
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$85,491.
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