Kathy Is 60 Years of Age and Self-Employed

question 45

Multiple Choice

Kathy is 60 years of age and self-employed.During 2017,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) for 2017? (Round your final answer to the nearest whole number)

• A) $54,000.
• B) $60,000.
• C) $95,351.
• D) $77,351.

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Definitions:

Pain

An unpleasant sensory and emotional experience associated with actual or potential tissue damage.

Cochlear Implant

A medical device that bypasses damaged parts of the inner ear and directly stimulates the auditory nerve to provide a sense of sound.

Auditory Nerve

The cranial nerve that transmits sound information from the inner ear to the brain, enabling hearing.

Electrical Signals

Pulses or waves of electrical activity that transmit information through neurons or between electronic devices.