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How much must he contribute to the plan for his employees

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Reference no: EM132896715

Question - John, a self-employed taxpayer, has a SEP plan for his business. He has three eligible employees, Sara (age 35), Joseph (age 37), and Jean (age 45), who have worked for him for the past 10 years. For the year 2019, Sara earned $15,000, Joseph earned $25,000, and Jean earned $30,000. John wants to elect the 25% contribution rate so he can put as much as possible in for himself. If he elects 25%, how much must he contribute to the plan for his employees?

Reference no: EM132896715

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