Yvette is a 44-year-old self-employed contractor (no employees). During 2018, her Schedule C net income was 500,000. Assuming Yvette has no contributions to other retirement plans. What is the maximum amount that Yvette can contribute to (1) a SEP IRA and (2) an individual 401(k)? (Round your answers to the nearest whole number).

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The Answer of Yvette is a 44-year-old self-employed contractor (no employees). During 2018, her Schedule C net income was 500,000. Assuming Yvette has no contributions to other retirement plans. What is the maximum amount that Yvette can contribute to (1) a SEP IRA and (2) an individual 401(k)? (Round your answers to the nearest whole number).

Yvette Is a 44-Year-Old Self-Employed Contractor (No Employees)