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TB MC Qu. 13-78 Kathy is.... Kathy is 60 years of age and...

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Accounting

TB MC Qu. 13-78 Kathy is....

Kathy is 60 years of age and self-employed. During 2018 she reported $114,000 of revenues and $42,800 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 a simplified employee pension (SEP) IRA for 2018? (Round your final answer to the nearest whole number)

Multiple Choice

  • $13,234.

  • $17,166.

  • $71,400.

  • $56,400.

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