Kathy is 48 years of age and self-employed. During 2023 she reported $120,000 of revenues and $48,000 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 to a SEP IRA for 2023? Note: Round your final answer to the nearest whole number. Multiple Choice $19,883 $66,000 $88,200 $13,383
Kathy is 48 years of age and self-employed. During 2023 she reported $120,000 of revenues and $48,000 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 to a SEP IRA for 2023? Note: Round your final answer to the nearest whole number. Multiple Choice $19,883 $66,000 $88,200 $13,383
Chapter9: Deduct Ions: Employee And Self-employed - Related Expenses
Section: Chapter Questions
Problem 2BCRQ
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Transcribed Image Text:Kathy is 48 years of age and self-employed. During 2023 she reported $120,000 of revenues and $48,000 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 to a SEP IRA for 2023?
Note: Round your final answer to the nearest whole number.
Multiple Choice
$19,883
O $66,000
$88,200
O $13,383
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