Cfustudent asks:Correct me if I am wrong, but they can contribute the lesser of 30,000 OR 15% of self-earned income. ??In that case, they would not know the eligible amount until the end of the year. Is this a correct assumption?Actually, it works out to about 13.04% of gross self-employed income. The 15% of pay is based on NET self-employed income before consideration of the business deduction for the self-employed FICA tax. And in essence, until the business year is over it's true they won't know the final amount they may contribute after all income and business expenses have been considered.Regards..Pixy
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