Can a business owner contribute to both the SEP and Solo401K 2016

[James Park]

Question for the SEP and Solo 401K experts. 

Suppose a Solo Financial Advisor pays himself a W2 of $50k in 2016 and has a Net Profit of $60,000 for his SCorp in 2016.  What is the maximum amount the Solo FA can tax defer using both the SEP and Solo 401k?

1. Is the solo FA allowed to contribute to both the SEP and Solo 401k in the same year if the total deferred amount does not exceed $53,000?

2. 25% of  $50,000 W2 is $12,500 = Maximum contribution to SEP is $12,500 am i correct?

3. $18,000 is the max limit to solo 401k. I am not sure if Solo 401 allows 25% on the W2 income like the SEP or on the K1?

Option A: 25% off of K1

$60,000 * .25 = $15,000 + $18,000 max contribution = $33,000

Option B: 25% of W2 like the SEP

$50,000 * .25 = $12,500 + $18,000 max contribution = $30,500

What is the maximum amount the solo FA can defer if he is allowed to contribute to both SEP and Solo 401k in the same year?

A) $33,000 + $12,500 = $45,500 

or

B) $30,500 + $12,500 = $43,000

Thank you