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Kathy is 60 years of age and self-employed. During 2019, she reported $538,000 of revenues...

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Accounting

Kathy is 60 years of age and self-employed. During 2019, she reported $538,000 of revenues and $107,600 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 an individual 401(k) for 2019? Assume she pays $28,484 in self-employment for 2019. (Round your final answer to the nearest whole number.)

Multiple Choice

  • $56,000.

  • $62,000.

  • $102,232.

  • $83,232.

Kathy is 48 years of age and self-employed. During 2019 she reported $514,000 of revenues and $102,800 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 an individual 401(k)?

Multiple Choice

  • $56,000.

  • $62,000.

  • $79,491.

  • $85,491.

Answer & Explanation Solved by verified expert
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