Bert Johnson, a sole proprietor with no employees, has a Keogh profit sharing plan to which he
Question:
Bert Johnson, a sole proprietor with no employees, has a Keogh profit sharing plan to which he may contribute 25% of his annual earned income. For this purpose, “earned income” is defined as net self-employment earnings reduced by the:
a. Deductible Keogh contribution.
b. Self-employment tax.
c. Self-employment tax and one-half of the deductible Keogh contribution.
d. Deductible Keogh contribution and one-half of the self-employment tax.
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Related Book For
South-Western Federal Taxation 2020 Comprehensive
ISBN: 9780357109144
43rd Edition
Authors: David M. Maloney, William A. Raabe, James C. Young, Annette Nellen, William H. Hoffman
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