Colin owns and operates Colin’s Creative Coaching (3C), a sole proprietorship, 3C sponsors a 401(k)/profit-sharing plan. Colin had net income of $200,000 and paid self-employment taxes of $20,000 (assumed) during the year. Assuming Colin is over the age of 50, what is the maximum amount that Colin and his company can contribute on his behalf to the plan for 2019? $25,000 $56,000 $62,000 $63,000
Colin owns and operates Colin’s Creative Coaching (3C), a sole proprietorship, 3C sponsors a 401(k)/profit-sharing plan. Colin had net income of $200,000 and paid self-employment taxes of $20,000 (assumed) during the year. Assuming Colin is over the age of 50, what is the maximum amount that Colin and his company can contribute on his behalf to the plan for 2019? $25,000 $56,000 $62,000 $63,000
Chapter9: Deduct Ions: Employee And Self-employed - Related Expenses
Section: Chapter Questions
Problem 38P
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Colin owns and operates Colin’s Creative Coaching (3C), a sole proprietorship, 3C sponsors a 401(k)/profit-sharing plan. Colin had net income of $200,000 and paid self-employment taxes of $20,000 (assumed) during the year. Assuming Colin is over the age of 50, what is the maximum amount that Colin and his company can contribute on his behalf to the plan for 2019?
- $25,000
- $56,000
- $62,000
- $63,000
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ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT