Tony is 60 years of age and self-employed. During 2025 he re…

Tony is 60 years of age and self-employed. During 2025 he reported $100,000 of revenues and $40,000 of expenses relating to his self-employment activities. If Tony has no other retirement accounts in his name, what is the maximum amount he can contribute to a simplified employee pension (SEP) IRA for 2025?