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Kathy is 60 years of age and self-employed. During 2019 she reported $506,000 of revenues...

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Question

Accounting

Kathy is 60 years of age and self-employed. During 2019 she reported $506,000 of revenues and $103,000 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 a simplified employee pension (SEP) IRA for 2019? Assume she pays $27,396 in self-employment for 2019. (Round your final answer to the nearest whole number.)

Multiple Choice

  • $56,000.

  • $62,000.

  • $77,860.

  • $371,482.

Kathy is 48 years of age and self-employed. During 2019, she reported $100,000 of revenues and $40,000 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 paid $8,478 of self-employment tax for 2019. (Round your final answer to the nearest whole number.)

Multiple Choice

  • $11,152.

  • $30,152.

  • $36,152.

  • $56,000.

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