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melomori [17]
3 years ago
10

Kathy is 48 years of age and self-employed. During 2018 she reported $538,000 of revenues and $107,600 of expenses relating to h

er 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)?
Business
1 answer:
Fynjy0 [20]3 years ago
6 0

Answer:

Contribute to individual 401(k) = $61,000

Explanation:

Given:

Revenue = $538,000

Expenses = $107,600

Find:

Contribute to individual 401(k)

Computation:

Contribute to individual 401(k) = $55,000

Kathy is younger then 50 years so, She have t pay $6,000 more:

So,

Contribute to individual 401(k) = $55,000 + $6,000

Contribute to individual 401(k) = $61,000

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Read 2 more answers
Caramel Corporation has 5,000 shares of stock outstanding.
Jet001 [13]

<u>Answer and Explanation:</u>

Caramel Corporation outstanding share are 5000

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