Determine the maximum contribution that can be made to a Keogh plan in each of the following cases. In all instances, the individual is self-employed, and the self-employment tax reduction has already been taken. Required: a. Self-employment income of $64,200. b. Self-employment income of $64,200 and wage income of $38,000. c. Self-employment income of $185,000. d. Self-employment income of $331,000. a. Maximum Keogh plan contribution b. Maximum Keogh plan contribution c. Maximum Keogh plan contribution d. Maximum Keogh plan contribution Amount
Determine the maximum contribution that can be made to a Keogh plan in each of the following cases. In all instances, the individual is self-employed, and the self-employment tax reduction has already been taken. Required: a. Self-employment income of $64,200. b. Self-employment income of $64,200 and wage income of $38,000. c. Self-employment income of $185,000. d. Self-employment income of $331,000. a. Maximum Keogh plan contribution b. Maximum Keogh plan contribution c. Maximum Keogh plan contribution d. Maximum Keogh plan contribution Amount
Chapter13: Tax Credits And Payment Procedures
Section: Chapter Questions
Problem 1CPA
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Transcribed Image Text:Determine the maximum contribution that can be made to a Keogh plan in each of the following cases. In all instances, the individual is
self-employed, and the self-employment tax reduction has already been taken.
Required:
a. Self-employment income of $64,200.
b. Self-employment income of $64,200 and wage income of $38,000.
c. Self-employment income of $185,000.
d. Self-employment income of $331,000.
a. Maximum Keogh plan contribution
b. Maximum Keogh plan contribution
c. Maximum Keogh plan contribution
d. Maximum Keogh plan contribution
Amount
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