How do I calculate the amount that I can contribute to my sep ira

[Rish0]

Is it based on my projected Adjusted gross income for 2020?

[DavidD66]

No, it is not determined by your Adjusted Gross Income (AGI).  It is determined by your earnings from self-employment.

The maximum contribution limit for 2020 is $57,000 ($56,000 for 2019), or 25% of your employees' eligible compensation.  For your own contribution, the limit is 20% of your net earnings from self-employment, as determined under the SEP IRA rules*, whichever is less.   

*The maximum compensation that can be taken into account for purposes of this calculation is $285,000 per participant in 2020