Bill is self-employed and has established a SEP retirement plan. Bill's net income for 2015 is $74,500. How much can Bill contribute to the SEP?
A) $40,000
B) $17,000
C) $18,625
D) $11,500
Answer: C
Explanation: C) lesser of 25% of $74,500 = $18,625 or $50,000
Business
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