George, age 60, is a member of We Work, LLC. We Work sponsors a profit sharing plan. George’s portion of the net income was $200,000 and one-half of his self employment taxes were $10,025 for this year. If We Work makes a 25% of salary contribution on behalf of all of its employees to the profit sharing plan, how much is the contribution to the profit sharing plan on behalf of George?

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Georges share of the net income is 200000 Since the profit sharing contribution is ... View the full answer