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Tony is a 45-year-old self-employed psychiatrist who has net earned income of $300,000 in 2020. What is the maximum amount he can contribute to his SEP for the year

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Answer:

Tony is a 45-year-old psychiatrist who has net earned income of $300,000 in 2020. What is the maximum amount he can contribute to his SEP for the year? 300,000x.25= 75,000 or $57,000

$57,000

Explanation:

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