I had remembered (incorrectly it appears) that the number was 25% before exclusions, and that it had generally worked out to 20% overall.You remembered partially correctly. It does start at 25%, but adjusting for the effect of the SEP contribution gets you down to 20%. Then you still have to adjust for the SE tax deduction.Peter explains it much better than I. I take the easy way out and phrase it the way I originally did, with a soupcon of "trust me, would I lie?"PhilRule Your Retirement Home Fool
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