Tony is 60 years of age and self-employed. During 2021 he re…
Tony is 60 years of age and self-employed. During 2021 he reported $100,000 of revenues and $40,000 of expenses relating to his self-employment activities. If Tony has no other retirement accounts in his name, what is the maximum amount he can contribute to a simplified employee pension (SEP) IRA for 2021? (Round your final answer to the nearest whole number.)
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