Kathy Is 60 Years of Age and Self-Employed

Multiple Choice

Kathy is 60 years of age and self-employed. During 2017 she reported $500,000 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 to a simplified employee pension (SEP) IRA for 2017? (Round your final answer to the nearest whole number)

A) $369,400.
B) $77,351.
C) $60,000.
D) $54,000.