Solved

Debby Is a Self-Employed Accountant with a Qualified Defined Benefit

Question 72

Multiple Choice

Debby is a self-employed accountant with a qualified defined benefit plan (a Keogh plan) .She has the following income items for the year:
Debby is a self-employed accountant with a qualified defined benefit plan (a Keogh plan) .She has the following income items for the year: What is the maximum amount Debby can deduct as a contribution to her retirement plan in 2012,assuming the self-employment tax rate is 15.3%? A) $9,235. B) $12,000. C) $50,000. D) $55,761. E) None of the above. What is the maximum amount Debby can deduct as a contribution to her retirement plan in 2012,assuming the self-employment tax rate is 15.3%?


A) $9,235.
B) $12,000.
C) $50,000.
D) $55,761.
E) None of the above.

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Q24: A participant who is at least age

Q62: If a person has funds from sources

Q67: Pony,Inc.,issues restricted stock to employees in July

Q68: Yvonne exercises incentive stock options (ISOs)for 100

Q70: Pony,Inc.,issues restricted stock to employees in July

Q73: Higher compensation does not necessarily guarantee commensurate

Q74: The five-year cliff vesting alternative minimizes administrative

Q76: Dianna participates in a defined benefit plan

Q77: Income is not taxed if a taxpayer's

Q80: Low- and middle-income taxpayers may make nondeductible