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:

Carcinogens

Substances or exposures that are known to increase the risk of cancer by altering cellular metabolism or damaging DNA directly in cells.

Prokaryotes

Microorganisms that lack a distinct nucleus and other organelles enclosed within membranes, including bacteria and archaea.

Eukaryotes

Organisms whose cells contain a nucleus and other organelles enclosed within membranes, distinct from prokaryotes.

Lymphocytes

A type of white blood cell that is part of the immune system, helping the body to fight off infections.