Kathy Is 60 Years of Age and Self-Employed

question 84

Multiple Choice

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

• A) $11,152.
• B) $17,152.
• C) $60,000.
• D) $54,000.

---

Definitions:

Fraternal Twin

Twins that develop from two different eggs fertilized by two different sperm, resulting in siblings that are genetically distinctive, similar to regular siblings.

Identical Twin

A twin that has developed from a single fertilized egg, dividing into two, and sharing exactly the same genetic material.

Mastery Motivation

An intrinsic drive to achieve competence and mastery over tasks, leading to perseverance and dedication to learning and improvement.

Achievement Motivation

The drive or urge to accomplish goals or attain certain standards of excellence.