What is the most that sonny could contribute to a sep

Reference no: EM133610026

Question: Sonny is a lawyer, who practices as a sole practitioner and files a Schedule C. He has been successful in commercial litigation and had gross income of $350,000. His expenses include salaries of $125,000, rent of $50,000, utilities and other expenses of $75,000, and selfemployment taxes of $20,000 (assumed). What is the most that Sonny could contribute to a SEP for the current year?

Reference no: EM133610026

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