Tessa Is a Self-Employed CPA Whose 2017 Net Earnings from Her

question 28

Multiple Choice

Tessa is a self-employed CPA whose 2017 net earnings from her business (before the H.R.10 plan contribution but after the deduction for one-half of self-employment taxes) is $400,000.What is the maximum contribution that Tessa can make on her behalf to her H.R.10 (Keogh) plan in 2017?

• A)$100,000
• B)$80,000
• C)$66,250
• D)$54,000

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Definitions:

Overcontrolled

Characterized by an individual's excessive regulation or suppression of emotions, impulses, or behaviors typically considered too restrained.

Fictive Kin

Friends who are considered and behave like family members.

Chosen Family Networks

Social and support networks formed by individuals, often among those not biologically related, based on mutual care, respect, and commitment.

Supportive Kin

Family members or relatives who provide emotional, and sometimes financial, backing or assistance.