Tessa Is a Self- Employed CPA Whose 2018 Net Earnings

question 2024

Multiple Choice

Tessa is a self- employed CPA whose 2018 net earnings from her business (before the H.R. 10 plan contribution but after the deduction for one- half of self- employment taxes) is $400,000. What is the maximum contribution that Tessa can make on her behalf to her H.R. 10 (Keogh) plan in 2018?

• A) $80,000
• B) $55,000
• C) $68,750
• D) $100,000

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Definitions:

Socioeconomic Status

An individual's or group's position within a societal hierarchy, determined by factors such as income, education, occupation, and wealth.

Gender Stereotyping

The practice of assigning specific attributes, roles, or behaviors to individuals based solely on their perceived gender, often leading to prejudice and discrimination.

The Looking-glass Self

A concept in sociology that suggests our self-image is shaped by how we believe others perceive us.

The I and the Me

A sociological concept developed by George Herbert Mead, describing two parts of the self: "the I" as the response of an individual to the attitudes of others, and "the Me" as the social self formed by adopting these attitudes.