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Hope is a self-employed taxpayer who turns 54 years old at the end of the year...

Hope is a self-employed taxpayer who turns 54 years old at the end of the year (2020). In 2020, her net Schedule C income was $130,000. This was her only source of income. This year, Hope is considering setting up a retirement plan.

What is the maximum amount Hope may contribute to the self-employed plan in each of the following situations? (Round your intermediate calculations and final answers to the nearest whole dollar amount.)
a. She sets up a SEP IRA.

  
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