14. Jeff earned $80,000 in 2018 running his own financial planning firm. Jeff is the only employee...

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14. Jeff earned $80,000 in 2018 running his own financial planning firm. Jeff is the only employee in the firm and would like to contribute the maximum allowed amount to a SEP IRA. What is Jeff’s maximum SEP contribution? What is Jeff’s AGI?

a. SEP Contribution $16,000: AGI $64,000

b. SEP Contribution $14,870: AGI $59,478

c. SEP Contribution $14,870: AGI $65,130

d. SEP Contribution $20,000: AGI $54,348

Related Book For answer-question

Taxation Of Individuals And Business Entities 2016

ISBN: 9781259334870

7th Edition

Authors: Brian Spilker, Benjamin Ayers, John Robinson, Edmund Outslay, Ronald Worsham, John Barrick, Connie Weaver

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Posted Date: Feb 03, 2024 01:06 AM

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14. Jeff earned $80,000 in 2018 running his own financial planning firm. Jeff is the only employee...

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Taxation Of Individuals And Business Entities 2016

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