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What maximum amount can contribute to simplified employee

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Problem 1: Kathy is 60 years of age and self-employed. During 2018 she reported $108,000 of revenues and $41,600 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? (Round your final answer to the nearest whole number)

Option 1: $12,342.
Option 2: $17,160.
Option 3: $61,800.
Option 4: $55,800.

Reference no: EM132990316

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