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McGraw-Hill's Taxation of Individuals 3rd Edition by Brian Spilker,Benjamin Ayers,John Robinson,Edmund Outslay ,Ronald Worsham,John Barrick,Connie Weaver
Edition 3ISBN: 978-0077328368McGraw-Hill's Taxation of Individuals 3rd Edition by Brian Spilker,Benjamin Ayers,John Robinson,Edmund Outslay ,Ronald Worsham,John Barrick,Connie Weaver
Edition 3ISBN: 978-0077328368 Exercise 10
[LO 5] {Planning} Reggie is a self-employed taxpayer who turns 59 years old at the end of the year (2011).In 2011 year, his net Schedule C income was $300,000.This was his only source of income.This year, Reggie is considering setting up a retirement plan.What is the maximum amount he may contribute to the self-employed plan in each of the following situations
a.He sets up a SEP IRA.
b.He sets up an individual 401(k).
a.He sets up a SEP IRA.
b.He sets up an individual 401(k).
Explanation
Verified
Verified
Simplified employee pension IRA
Simplif...
McGraw-Hill's Taxation of Individuals 3rd Edition by Brian Spilker,Benjamin Ayers,John Robinson,Edmund Outslay ,Ronald Worsham,John Barrick,Connie Weaver
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