Mary, age 46, is a self-employed financial planner and has Schedule C net income from self-employment of $22,000. Her self-employment tax for the year is $6,000. She has failed to save for retirement until now. Therefore, she would like to make the maximum contribution to her profit sharing plan. 

How much can she contribute to her profit sharing plan account?

Answer rating: 100% (QA)

Answer I In this solution we need to find the Profit ... View the full answer