Spouse LLC Partnership Solo 401k contributions

[Fullofit]

I'm having trouble finding the answer to this- feel free to point me in the right direction if it has already been posted somewhere.

My wife and I work together as our only source of employment in a LLC, filing as 50/50 partners. We are both members of our solo401k. I understand that we can each contribute the max amount as employees (19,500). I'm unable to find how to calculate the amount we may contribute from the employer side. Is the maximum contribution to be divided between the two of us, essentially based off each of our K-1s?

For easy math let's run with the employer side being 20% of income. Business profit this year looks like it's about 125000. So let's say 100000 compensation or ordinary business income, 50000 for each of us on each K-1. Can we each contribute 20K to our employer side? Or each contribute 10K? Or am I just way off in my understanding completely?

Thanks

I may need another CPA- he's affordable but not necessarily good in this area or easy to get this kind of answer from.

If it matters, our strategy right now is maximum contributions to lower our tax burden and keep us eligible for ACA subsidies.

[Wile E. Coyote]

I'm having trouble finding the answer to this- feel free to point me in the right direction if it has already been posted somewhere.

My wife and I work together as our only source of employment in a LLC, filing as 50/50 partners. We are both members of our solo401k. I understand that we can each contribute the max amount as employees (19,500). I'm unable to find how to calculate the amount we may contribute from the employer side. Is the maximum contribution to be divided between the two of us, essentially based off each of our K-1s?

For easy math let's run with the employer side being 20% of income. Business profit this year looks like it's about 125000. So let's say 100000 compensation or ordinary business income, 50000 for each of us on each K-1. Can we each contribute 20K to our employer side? Or each contribute 10K? Or am I just way off in my understanding completely?

Thanks

I may need another CPA- he's affordable but not necessarily good in this area or easy to get this kind of answer from.

If it matters, our strategy right now is maximum contributions to lower our tax burden and keep us eligible for ACA subsidies.

The calculation is a bit more complicated than just 20% of business income, but leaving that aside, the 20% portion is based on that individual's earnings from self-employment.  You don't get to count the full business income for both of you, only the portion of the earnings allocated to each of you.

[Fullofit]

That's right, I do use my CPA for getting the actual calculated amount. So in this scenario we could each contribute 19,500 as employees, and (50,000*.2) 10,000 as employers. Obviously very rough math, but I just want a rough understanding and to be in the ballpark. Our income fluctuates bigly so we won't know real numbers until it's time to file.
Thanks

[SeattleCPA]

I think you wait on the employer contribution until your tax return is being prepared. Let the accountant or the software calculate the right amount once you have your books finalized and the "final" self-employment earning numbers.

Just saying that as a CPA who's handled thousands of returns with solo 401(k)s and sees what happens when folks overcontribute because they goof up the accounting or math...