In 2016, Magenta Corporation paid compensation of $45,300 to the participants in a profit sharing plan During 2016, Magenta Corporation contributed $13,200 to the plan a Calculate Magenta 's deductible amount for 2016 b Calculate the amount of any contribution carryover from 2016 ...

a The limitation for Magenta ...

In 2016, Magenta Corporation paid compensation of $45,300 to the participants in a profit sharing plan. During

Question:

In 2016, Magenta paid compensation of $45,300 to the participants in a profit sharing plan. During 2016, Magenta contributed $13,200 to the plan.
a. Calculate Magenta's deductible amount for 2016.
b. Calculate the amount of any contribution carryover from 2016.
Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...