Multiple Choice
Kathy is 60 years of age and self-employed.During 2017 she reported $500,000 of revenues and $100,000 of expenses relating to her self-employment activities.If Kathy has no other retirement accounts in her name,what is the maximum amount she can contribute to a simplified employee pension (SEP) IRA for 2017? (Round your final answer to the nearest whole number)
A) $54,000.
B) $60,000.
C) $77,351.
D) $369,400.
Correct Answer:
Verified
Correct Answer:
Verified
Q7: Jacob participates in his employer's defined benefit
Q7: Katrina's executive compensation package allows her to
Q17: Which of the following statements regarding traditional
Q56: Which of the following describes a defined
Q71: Both 401(k)plans and Roth 401(k)plans are forms
Q74: Deborah (single,age 29)earned $25,000 in 2017.Deborah was
Q75: Kathy is 60 years of age and
Q87: This year, Ryan contributed 10 percent of
Q88: Shauna received a $100,000 distribution from her
Q127: Daniela retired at the age of 65.