Which of the Following Statements Is Incorrect Regarding the SEP

question 27

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 2014 is $52,000.

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Definitions:

Insects

Small arthropods with a chitinous exoskeleton, three-part body, three pairs of jointed legs, compound eyes, and one pair of antennae.

Nephridiopores

External openings of nephridia, excretory organs found in some invertebrates, allowing waste to exit the body.

Nephridia

Excretory organs in many invertebrates, such as annelids, that remove metabolic wastes from an organism's body.

Branching Tubes

Refers to the structures found in organisms, such as the respiratory and vascular systems, that divide and subdivide into smaller tubes.