Which of the Following Statements Is Incorrect Regarding the SEP

question 80

Multiple Choice

Which of the following statements is incorrect regarding the SEP IRA?

• A)Both employers and employees can contribute to the plan.
• B)Contributions made by the due date of the tax return can be treated as made on the last day of the related tax year.
• C)Employer contributions must be nondiscriminatory.
• D)The maximum contribution for 2015 is $53,000.

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Definitions:

Recall

The mental process of retrieving information from past memory storage.

Relearning

The process of memorizing information that was previously learned and then forgotten, which typically takes less time than the initial learning.

Recognition

The cognitive process of identifying and acknowledging the familiarity of an object, concept, or piece of information.

Recognition

The cognitive process of identifying a familiar object, concept, or piece of information from previous experiences or encounters.