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I am an S corp in New york city, trying to figure out how…

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I am an S...

I am an S corp in New york city, trying to figure out how much i can contribute to a sep ira

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

My 2017 gross earnings was 200k, charity was 35k and business expenses of 25k

Accountant's Assistant: Is there anything else important you think the Accountant should know?

Single with one child important?

Submitted: 2 months ago.Category: Tax
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Answered in 3 minutes by:
3/28/2018
Tax Professional: Lev, Tax Advisor replied 2 months ago
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 32,985
Experience: Taxes, Immigration, Labor Relations
Verified

Contributions to SEP IRS must be made by S-corportaion - only employer may made contributions.

Contributions are based on your compensation as an employee.

Generally - that is based on wages paid to you and reported on form W2 box 1.

SEP contribution is limited by 25% of your compensation.

Please verify.

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Tax Professional: Lev, Tax Advisor replied 2 months ago

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If you still have any doubts, need clarification - please be sure to ask.

I am here to help you with all Social Security / Tax related issues.

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