Deduction for PPP salary plus regular salary

By Jakyasar
December 15, 2020 in Retirement Plans in General

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Hi all

I was asked the following (hopefully asking correctly):

Owner of corporation got 20k salary in PPP monies and 50k salary from corporation thus 70k w-2 for 2020.

Wants ps deduction for 2020. Which amount can the corporation contribute and deduct for? 50k or 70k?

Thank you

QKA, QKC, QPA, CBS - I used to be indecisive about pensions but now I am not so sure

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