Susan Is a Self-Employed Accountant with a Qualified Defined Contribution

question 138

Multiple Choice

Susan is a self-employed accountant with a qualified defined contribution plan (a Keogh plan) .She has the following income items for the year: $$\begin{array} { l r } \text { Earned income from self-employment } & \$ 50,000 \\\text { Dividend income } & 8,000 \\\text { Interest income } & 2,000 \\\text { Net short-term capital gain } & 12,000 \\\text { Adjusted gross income } & \$ 72,000\end{array}$$ ? What is the maximum amount Susan can deduct as a contribution to her retirement plan in 2017, assuming the self-employment tax rate is 15.3%?

• A)$9,235.
• B)$12,000.
• C)$46,000.
• D)$46,468.
• E)None of the above.

Recognize the limitations and exclusions of landmark civil rights legislation, including the Voting Rights Act of 1965.

Evaluate the evolving stance of U.S. presidents on civil rights issues during the civil rights movement, specifically President Kennedy's policies and actions.

Understand the historical relationship and intersections of civil rights movements and labor union movements in America during the 1940s.

Identify key industries and unions significant to the labor movement of the 1940s.

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Definitions:

Effective Interest Rate

The real cost of borrowing after adjusting for compounding interest and all fees. It provides a more accurate representation of the actual financial charge associated with a loan.

Trading Security

A financial instrument that is bought and sold for the purpose of generating profits on short-term fluctuations in price.

Available-for-sale Security

A debt or equity security not classified as a held-to-maturity or trading security, which can be sold in the short term for capital gains.

Net Income

The total profit of a company after all expenses and taxes have been subtracted from total revenue.