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McGraw-Hill's Taxation of Individuals and Business Entities 3rd Edition by Brian Spilker, Benjamin Ayers, John Robinson, Edmund Outslay, Ronald Worsham, John Barrick, Connie Weaver
Edition 3ISBN: 9780078111068McGraw-Hill's Taxation of Individuals and Business Entities 3rd Edition by Brian Spilker, Benjamin Ayers, John Robinson, Edmund Outslay, Ronald Worsham, John Barrick, Connie Weaver
Edition 3ISBN: 9780078111068 Exercise 41
{Planning} Elvira is a self-employed taxpayer who turns 42 years old at the end of the year (2011).In 2011, her net Schedule C income was $120,000.This was her only source of income.This year, Elvira is considering setting up a retirement plan.What is the maximum amount Elvira may contribute to the self-employed plan in each of the following situations?
a.She sets up a SEP IRA.b.She sets up an individual 401(k).
a.She sets up a SEP IRA.b.She sets up an individual 401(k).
Explanation
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Simplified employee pension IRA
Simplif...
McGraw-Hill's Taxation of Individuals and Business Entities 3rd Edition by Brian Spilker, Benjamin Ayers, John Robinson, Edmund Outslay, Ronald Worsham, John Barrick, Connie Weaver
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