Mary, age 46, is a self-employed financial planner and has Schedule C net income from self-employment of
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Mary, age 46, is a self-employed financial planner and has Schedule C net income from self-employment of $22,000. Her self-employment tax for the year is $6,000. She has failed to save for retirement until now. Therefore, she would like to make the maximum contribution to her profit sharing plan.
How much can she contribute to her profit sharing plan account?
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
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