Frank Is a Self-Employed CPA Whose 2014 Net Earnings from His

question 51

Multiple Choice

Frank is a self-employed CPA whose 2014 net earnings from his trade or business (before the H.R.10 plan contribution but after the deduction for one-half of self-employment taxes) is $240,000.What is the maximum contribution that Frank can make on his behalf to his H.R.10 (Keogh) plan in 2014?

• A)$65,000
• B)$48,000
• C)$52,000
• D)$60,000

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Definitions:

Redistribution

The process of distributing or reallocating resources, wealth, or property among a population or areas to achieve greater equality or efficiency.

Black Code Laws

Laws passed in the southern United States after the Civil War, aimed at restricting African Americans' freedoms and compelling them to work in a labor economy based on low wages or debt.

1865

The year marking the end of the American Civil War.

Voting Rights

The entitlements or privileges of individuals to participate in the electoral process, by casting votes in elections to choose their representatives.