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Tax Drill - Defined Contribution Keogh
Zack, a sole proprietor, has earned income of $85,000 in 2019 (after the deduction for one-half of self-
employment tax).
The maximum contribution Zack may make to a defined contribution Keogh plan is $
What i

Sagot :

Zack's maximum amount is $53,000 and the following can be defined in additional calculations:

  • Only owners, partnerships, and LLCs are given a Keogh pension plan and a flexible pension plan.
  • For 2015, the maximum contribution for Keogh's plan is $53,000.
  • In this question, Zack is the lone owner. It is therefore eligible for the Keogh plan and has a $53,000 maximum contribution.

Note:

This issue was based on the year 2015 when year changes also change.

Learn more:

brainly.com/question/6197869

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