Tony is a 45-year-old self-employed psychiatrist who has net earned income of $300,000 in 2017. what is the maximum amount he can contribute to his sep for the year?

The maximum that he can contribute is $54,000.

For self employed individuals, the maximum contribution cannot exceed the lessor of 25% of total compensation or $54,000 for 2017.

25% of $300,000 is $75,000, so he is limited to contributing $54,000.

a

b

b

a

c

b

d

d

none of these are correct, as they are all sources of american law

a