Determine the maximum contribution that can be made to a Keogh plan in each of the following cases. In all instances, the individual is self-employed, and the self-employment tax reduction has already been taken. Required: a. Self-employment income of $61,800. b. Self-employment income of $61,800 and wage income of $32,000. c. Self-employment income of $125,000. d. Self-employment income of $319,000. Answer is complete but not entirely correct. Amount a. Maximum Keogh plan contribution b. Maximum Keogh plan contribution c. Maximum Keogh plan contribution d. Maximum Keogh plan contribution $ $ $ $ 15,450 15,450 X 31,300 X 61,000
Determine the maximum contribution that can be made to a Keogh plan in each of the following cases. In all instances, the individual is self-employed, and the self-employment tax reduction has already been taken. Required: a. Self-employment income of $61,800. b. Self-employment income of $61,800 and wage income of $32,000. c. Self-employment income of $125,000. d. Self-employment income of $319,000. Answer is complete but not entirely correct. Amount a. Maximum Keogh plan contribution b. Maximum Keogh plan contribution c. Maximum Keogh plan contribution d. Maximum Keogh plan contribution $ $ $ $ 15,450 15,450 X 31,300 X 61,000
Chapter13: Tax Credits And Payment Procedures
Section: Chapter Questions
Problem 1CPA
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