Kathy Is 48 Years of Age and Self-Employed

question 34

Multiple Choice

Kathy is 48 years of age and self-employed. During 2020 she reported $100,000 of revenues and $40,000 of expenses relating to her self-employment activities. If Kathy has no other retirement accounts in her name, what is the maximum amount she can contribute to a SEP IRA for 2020? (Round your final answer to the nearest whole number.)

• A)$11,152.
• B)$17,152.
• C)$63,500.
• D)$57,000.

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Definitions:

Carl Rogers

An influential American psychologist known for his contributions to humanistic psychology and his development of the person-centered approach to therapy.

Personality

The collection of elements and aspects that contribute to a person's singular character.

Introversion/Extraversion

A personality dimension that describes the extent to which individuals are outgoing and gain energy from social interaction, versus those who are more reserved and gain energy from solitude.

Heritable

A characteristic or trait that can be passed from parents to their offspring through genes.