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Retirement tax questions
The maximum that you can contribute is your net profit of $23,673 minus the deductible portion of self-employment taxes, $1,673. That leaves $22,000 as the maximum permissible 401(k) contribution which would end up being all regular employee deferral or Roth contribution.
The fact that it works out to such a round number, exactly $22,000, makes this sound like a homework question.
‎February 24, 2024
2:56 PM