Kathy is 48 years of age and self-employed. During 2019 she reported $500,000 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)?
A. $62,000.
B. $56,000.
C. $83,281.
D. $77,281.
Answer: B
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