FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Problem 13-85 (LO 13-5) (Algo)
[The following information applies to the questions displayed below.]
Rita is a self-employed taxpayer who turns 39 years old at the end of the year (2023). In 2023, her net Schedule C income
was $270,000. This was her only source of income. This year, Rita is considering setting up a retirement plan.
What is the maximum amount Rita may contribute to the self-employed plan in each of the following situations?
Note: Round your intermediate calculations and final answers to the nearest whole dollar amount.
Problem 13-85 Part a (Algo)
a. She sets up a SEP IRA.
Maximum contribution
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Transcribed Image Text:Required information Problem 13-85 (LO 13-5) (Algo) [The following information applies to the questions displayed below.] Rita is a self-employed taxpayer who turns 39 years old at the end of the year (2023). In 2023, her net Schedule C income was $270,000. This was her only source of income. This year, Rita is considering setting up a retirement plan. What is the maximum amount Rita may contribute to the self-employed plan in each of the following situations? Note: Round your intermediate calculations and final answers to the nearest whole dollar amount. Problem 13-85 Part a (Algo) a. She sets up a SEP IRA. Maximum contribution
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