AliciaP1
Expert Alumni

Deductions & credits

It depends on how you are reporting your self-employment income.  If you report on Schedule C the calculation for your maximum SEP contribution can be found at SEP Contributions.  If you pay yourself a wage from your business and issue a W2 to yourself, the calculation is 25% of your W2 income with a maximum of $61,000 for 2022.

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