Kathy is 60 years of age and self-employed. During the year she reported $400,000 of revenues and $100,000 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 this year to a simplified employee pension (SEP) IRA?
A) $52,000
B) $57,500
C) $57,746
D) $288,729

Question

Quizplus · Accepted Answer

The Answer of Kathy is 60 years of age and self-employed. During the year she reported $400,000 of revenues and $100,000 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 this year to a simplified employee pension (SEP) IRA?
A) $52,000
B) $57,500
C) $57,746
D) $288,729

Kathy Is 60 Years of Age and Self-Employed