Determine the maximum contribution that can be made to a Keogh plan in each of the following cases. In all instances, the individual is self-employed, and the self-employment tax reduction has already been taken. Required: Self-employment income of $61,800. Self-employment income of $61,800 and wage income of $32,000. Self-employment income of $125,000. Self-employment income of $319,000.

Determine the maximum contribution that can be made to a Keogh plan in each of the following cases. In all instances, the individual is self-employed, and the self-employment tax reduction has already been taken. Required: Self-employment income of $61,800. Self-employment income of $61,800 and wage income of $32,000. Self-employment income of $125,000. Self-employment income of $319,000.

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter13: Accounting For Payroll And Payroll Taxes

Section13.2: Recording Employer Payroll Taxes

Problem 1AYU

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Required:

Self-employment income of $61,800.
Self-employment income of $61,800 and wage income of $32,000.
Self-employment income of $125,000.
Self-employment income of $319,000.

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