Kathy is 60 years of age and self-employed. During the year (2015) she reported $100,000 of revenues and $40,000 of expenses relating to her self-employment activities. If Kathy has no other retirement accounts in her name, what is the maximum amount she can contribute to an individual 401(k)?
$29,152. $35,152. $53,000. $59,000.
Kathy is 48 years of age and self-employed. During the year (2015) she reported $400,000 of revenues and $100,000 of expenses relating to her self-employment activities. If Kathy has no other retirement accounts in her name, what is the maximum amount she can contribute to an individual 401(k)?
$53,000. $59,000. $75,727. $81,727.