Question: Question 2 The maximum a 35-year-old self-employed taxpayer can contribute to his SEP is the lesser of _____________ or 20% of self-employment net profit minus

Question 2

The maximum a 35-year-old self-employed taxpayer can contribute to his SEP is the lesser of _____________ or 20% of self-employment net profit minus _____________.

Question 3

On November 1, 20X1, an accrual basis taxpayer receives $3,600 in advance for 24-months of subscription services. The taxpayer includes in gross income _____________ in 20X1, _____________ in 20X2 and _____________ in 20X3

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