Thomas is a self-employed plumber under the age of 50. His earnings from self- employment, before the

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Thomas is a self-employed plumber under the age of 50. His earnings from self- employment, before the Keogh deduction but after deducting half of the self-employment tax, are $80,000. What is his deductible Keogh contribution for 2021?

a. $64,000.

b. $58,000.

c. $20,000.

d. $16,000.

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Related Book For  answer-question

Fundamentals Of Taxation 2022

ISBN: 9781264209408

15th

Authors: Ana Cruz, Michael Deschamps, Frederick Niswander

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