Jordan owns and operates Jordan’s Exotic Jouneys (JEJ), a sole proprietorship. JEJ sponsors a profit-sharing plan. Jordan had a net income of $150,000 and paid self-employment taxes of $20,000 (assumed) during the year. Jordan has decided to make a 15% contribution for her employees for the year. Assuming Jordan is over the age of 50, what amount will she contribute for herself to the plan for 2019? $16,957 $18,261 $28,000 $56,000
Jordan owns and operates Jordan’s Exotic Jouneys (JEJ), a sole proprietorship. JEJ sponsors a profit-sharing plan. Jordan had a net income of $150,000 and paid self-employment taxes of $20,000 (assumed) during the year. Jordan has decided to make a 15% contribution for her employees for the year. Assuming Jordan is over the age of 50, what amount will she contribute for herself to the plan for 2019? $16,957 $18,261 $28,000 $56,000
Chapter9: Deduct Ions: Employee And Self-employed - Related Expenses
Section: Chapter Questions
Problem 38P
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Jordan owns and operates Jordan’s Exotic Jouneys (JEJ), a sole proprietorship. JEJ sponsors a profit-sharing plan. Jordan had a net income of $150,000 and paid self-employment taxes of $20,000 (assumed) during the year. Jordan has decided to make a 15% contribution for her employees for the year. Assuming Jordan is over the age of 50, what amount will she contribute for herself to the plan for 2019?
- $16,957
- $18,261
- $28,000
- $56,000
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