Kathy Is 60 Years of Age and Self-Employed

question 39

Multiple Choice

Kathy is 60 years of age and self-employed.During the year she reported $400,000 of revenues and $100,000 of expenses relating to her self-employment activities.If Kathy has no other retirement accounts in her name,what is the maximum amount she can contribute this year to a simplified employee pension (SEP) IRA?

• A)$51,000
• B)$56,500
• C)$57,786
• D)$288,933

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