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Retirement tax questions
"25% of income" suggests that this is not a self-employed retirement contribution. A self-employed individual would be permitted a maximum SEP contribution of only 20% of the result of net profit minus the deductible portion of self-employment taxes. It sounds to me as though this individual is thinking of the SEP contribution as part of compensation when it's not, but I could be wrong.
‎August 2, 2019
6:31 PM