Kathy Is 60 Years of Age and Self-Employed

question 110

Multiple Choice

Kathy is 60 years of age and self-employed. During the year she reported $400,000 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 this year to a simplified employee pension (SEP) IRA?

• A) $52,000
• B) $57,500
• C) $57,746
• D) $288,729

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Definitions:

Interim Deadlines

Set checkpoints or due dates before the final deadline to ensure progress on a project or task.

Emotional Intelligence

The ability to recognize, understand, and manage one's own emotions and the emotions of others effectively.

Leadership Tendencies

Inclinations or propensities towards taking charge, guiding, or directing groups or organizations.

Influencing Outcomes

The ability to affect the results or consequences of a situation or course of action.