Determine the maximum contribution that can be made to a Keogh plan in each of the following
Question:
Determine the maximum contribution that can be made to a Keogh plan in each of the following cases. In all instances, the individual is self-employed, and the self-employment tax reduction has already been taken.
a) Self-employment income of $46,000.
b) Self-employment income of $46,000 and wage income of $30,000.
c) Self-employment income of $125,000.
d) Self-employment income of $290,000.
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In all cases the maximum Keogh contribution is limited to the lesser of 54000 or 25 of earned income ...View the full answer
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Related Book For
Fundamentals Of Taxation 2018
ISBN: 9781259713736
11th Edition
Authors: Ana M. Cruz Dr., Michael Deschamps, Frederick Niswander, Debra Prendergast, Dan Schisler
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