Question: Number 24)))) Rita is a self-employed taxpayer who turns 39 years old at the end of the year (2022). In 2022, her net Schedule C

Number 24))))

Rita is a self-employed taxpayer who turns 39 years old at the end of the year (2022). In 2022, her net Schedule C income was $308,000. This was her only source of income. This year, Rita is considering setting up a retirement plan.

What is the maximum amount Rita may contribute to the self-employed plan in each of the following situations?

Note: Round your intermediate calculations and final answers to the nearest whole dollar amount.

a. She sets up a SEP IRA.

Maximum contribution =

b. She sets up an individual 401(k).

Maximum contribution =

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