I filed 1120S, which will be included at 1040S Schedule K.
at form 1020S, Column 22 (business income) is 50K, column 7 (compensation) is 20K.
http://www.sepira.com mentioned "SEP IRA account between 0 to 20% of your net adjusted self employment income (or net adjusted business profits)"
so under my case, what is net adjusted self employment income? 20k ? or 70K?
from above website, seems to be 70k.
please share with your experience
thanks