What is the maximum amount can contribute to an individual

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Problem 1: Kathy is 60 years of age and self-employed. During 2018 she reported $504,000 of revenues and $100,800 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 to an individual 401(k) for 2018?

a. $55,000
b. $61,000
c. $77,968
d. $96,468

Reference no: EM132686140

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