I have a self-employed client that would like to fund a SEP IRA. She owns a consulting business an is the only employee. Her gross income for the year was $156K but she only took a W2 salary of $70K. It is my understanding that she can contribute as much as 25% of her total compensation not to exceed $53K. Would “total compensation” be the $70K she took in salary or the $156K of gross income? Thanks!