Kathy Is 48 Years of Age and Self-Employed

question 70

Multiple Choice

Kathy is 48 years of age and self-employed. During 2020 she reported $500,000 of revenues and $100,000 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 an individual 401(k) ?

• A)$57,000.
• B)$63,500.
• C)$77,221.
• D)$19,500.

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Definitions:

Demographic-Needs Analysis

An assessment method that examines the characteristics of a specific population to determine their specific needs and how to meet them.

Recently-Immigrated

Pertaining to individuals who have moved from one country to another to reside permanently in a recent time period.

Guatemalan Employees

Workers from or in Guatemala, highlighting specific demographic or labor force considerations related to employment in that country.

Person-Needs Analysis

A process in human resources to identify the specific needs, skills, and qualifications required for a job or role to ensure the right person is selected or developed.