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McGraw-Hill's Taxation of Individuals 3rd Edition by Brian Spilker,Benjamin Ayers,John Robinson,Edmund Outslay ,Ronald Worsham,John Barrick,Connie Weaver
Edition 3ISBN: 978-0077328368McGraw-Hill's Taxation of Individuals 3rd Edition by Brian Spilker,Benjamin Ayers,John Robinson,Edmund Outslay ,Ronald Worsham,John Barrick,Connie Weaver
Edition 3ISBN: 978-0077328368 Exercise 83
{Planning} Hope is a self-employed taxpayer who turns 54 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, Hope is considering setting up a retirement plan.What is the maximum amount Hope 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
Verified
Verified
Simplified employee pension IRA
Simplif...
McGraw-Hill's Taxation of Individuals 3rd Edition by Brian Spilker,Benjamin Ayers,John Robinson,Edmund Outslay ,Ronald Worsham,John Barrick,Connie Weaver
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