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What is the maximum amount can contribute to an individual

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Problem 1: Kathy is 48 years of age and self-employed. During 2018 she reported $514,000 of revenues and $102,800 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)?

Option 1: $55,000.
Option 2: $61,000.
Option 3: $98,047.
Option 4: $104,043.

Reference no: EM132990307

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