Jadeveon, a self-employed attorney, has a profit sharing plan with a contribution rate of 15% of compensation.
Question:
Jadeveon, a self-employed attorney, has a profit sharing plan with a contribution rate of 15% of compensation. Jadeveon's earned income after the deduction of one-half of self-employment tax, but before the Keogh contribution, is $304,750. What is the limit of Jadeveon's contribution?
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Under a defined benefit plan the annual benefit payable to an employee is limited to the smaller o...View the full answer
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Related Book For 
South Western Federal Taxation Individual Income Taxes 2017
ISBN: 9781305873988
40th Edition
Authors: William H. Hoffman, David M. Maloney, William A. Raabe, James C. Young, Nellen
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