Ask Question
19 February, 03:52

Tony is a 45-year-old self-employed psychiatrist who has net earned income of $300,000 in 2017. what is the maximum amount he can contribute to his sep for the year?

+3
Answers (1)
  1. 19 February, 05:45
    0
    The maximum that he can contribute is $54,000.

    For self employed individuals, the maximum contribution cannot exceed the lessor of 25% of total compensation or $54,000 for 2017.

    25% of $300,000 is $75,000, so he is limited to contributing $54,000.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “Tony is a 45-year-old self-employed psychiatrist who has net earned income of $300,000 in 2017. what is the maximum amount he can ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers