Jim is self employed and had a "banner" year in 2015, earning $350,000 net income. He wanted to make a significant contribution to his retirement planning and set up a SEP plan
Since the plan allows for contributions up to 25% of net income, his maximum contribution was
A) $53,000.
B) $87,500.
C) $75,000.
D) $63,000.
Answer: A
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