Which of the Following Statements Regarding Self-Employed Retirement Accounts Is

question 88

Multiple Choice

Which of the following statements regarding self-employed retirement accounts is true?

• A) A self-employed taxpayer who has hired employees may not set up a SEP IRA.
• B) A self-employed taxpayer who has hired employees may set up either a SEP IRA or an individual 401(k).
• C) A self-employed taxpayer who has hired employees may not set up an individual 401(k).
• D) All of these statements are false.

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Definitions:

Fetal Alcohol Syndrome

A condition in a child resulting from alcohol exposure during the mother's pregnancy, leading to physical and mental impairments.

Congenital Cardiac Defects

Heart defects that are present at birth, ranging from simple conditions that cause no problems to complex issues that require surgical intervention.

Hardiness

A personality trait characterized by resilience and the ability to cope with stress and adversity.

Family Durability

The resilience and ability of a family to maintain its function and support members effectively through various challenges.