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Gordon Is a 52-Year-Old Self-Employed Contractor (No Employees)

question 37

Essay

Gordon is a 52-year-old self-employed contractor (no employees). During 2018, his Schedule C net income was $88,000. What is the maximum amount that Gordon can contribute to (1) a SEP IRA and (2) an individual 401(k)? (Round your answers to the nearest whole number).

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Definitions:

CBS Broadcast TV Network

A major American television network, providing a wide range of entertainment, news, and sports programming.

Marketing Metric

A measure of the quantitative value or trend of a marketing action or result.

Cost Per Ad

Cost per ad refers to the total expense incurred by an advertiser for a single advertisement. This may entail production, placement, and delivery costs of the ad across various media platforms.

People Meter

An electronic device used to track viewership habits of television programs, aiding in the measurement of audience size and preferences.

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