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Retirement tax questions
SEP Contributions an employer can make to an employee's SEP-IRA cannot exceed the lesser of: 20% of the employee's compensation, or. $53,000 (for 2015 and 2016, $54,000 for 2017). Make sure you subtract any business deductible tax from line 27 (I think that's the line) on your 1040 from your net profit that's on the Schedule C and then take 20% of that figure. The maximum is the lesser of that figure or $53K.
‎June 6, 2019
5:56 AM