What is the maximum amount she can contribute

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Q1. Kathy is 60 years of age and self-employed. During 2018 she reported $502,000 of revenues and $100,500 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 a simplified employee pension (SEP) IRA for 2018?

a. $55,000

b. $61,000

c. $77,633

d. $370,785

Q2. 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

Q3. Kathy is 48 years of age and self-employed. During 2018 she reported $540,000 of revenues and $108,000 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 to an individual 401(k)?

a, $55,000

b. $61,000

c. $102,151

d. $108,147

Reference no: EM132731775

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