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Nutka1998 [239]
2 years ago
13

Anthony, a self-employed plumber, makes a maximum contribution to a SEP for his employee, Debra. Debra's compensation is $40,000

for the year. How much is he allowed to contribute to the plan for Debra?
Business
1 answer:
aksik [14]2 years ago
7 0

Answer:

$10,000

Explanation:

The maximum contribution you can made to SEP shall not exceed the lower of the following two limits for 2020:

1. 25% of total compensation paid to employee.

2. $57,000

By applying the above rule to the given scenario in question, the maximum contribution allowed by the Anthony to be made to SEP for Debra shall not exceed:

25% of total compensation=25%*40,000=$10,000

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