What is the most that sonny could contribute to a sep

Assignment Help Accounting Basics

Reference no: EM133610026

Question: Sonny is a lawyer, who practices as a sole practitioner and files a Schedule C. He has been successful in commercial litigation and had gross income of $350,000. His expenses include salaries of $125,000, rent of $50,000, utilities and other expenses of $75,000, and selfemployment taxes of $20,000 (assumed). What is the most that Sonny could contribute to a SEP for the current year?

Reference no: EM133610026

Questions Cloud

Compute depreciation expense for the year ending december : Compute depreciation expense for the year ending December 31, 2023, if Run of the Mill Corporation uses straight-line depreciation

What is one current issue that early childhood special : What is one current issue that early childhood special educators face with assessment? How can you ensure that assessment is being used to make meaningful

How does story by gabriel garcia marquez supports argument : How does the story The Handsomest Drowned Man in the World by Gabriel Garcia Marquez supports Gabor's Mate argument.

How much are the total liabilities : Additional information: Merchandise Inventory, December 31, P 76,000 How much are the total liabilities

What is the most that sonny could contribute to a sep : utilities and other expenses of $75,000, and selfemployment taxes of $20,000 (assumed). What is the most that Sonny could contribute to a SEP for the current

Role of a sponsoship & partnerships representative : You play the role of a Sponsoship & Partnerships Representative who is seeking a sponsor for a long term partnership.

What perspective do they provide on the topic : Who is the author, and what perspective do they provide on the topic? What was the article's thesis? Paraphrase it into your own words.

What you learn by giving specific examples : What you learn by giving specific examples of how you observe and/or can use these principles/theories/concepts in your own life and experience.

How do you interpret the sentence in note 5 : How do you interpret the sentence in Note 5 - Inventory that reads, "In 2014, inventories valued at LIFO incurred a decrement that resulted in a benefit of $19

User Account

All Pages