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:

Domestic Violence

A conduct style present in relationships, designed to obtain or retain authority and dominion over a partner with whom one is intimately involved.

Marital Rape

The act of sexual assault perpetrated by a spouse against their partner without consent.

Prosecuted

The legal process of charging someone with a crime and conducting a trial to determine their guilt or innocence.

Employer's Payroll Tax

Taxes that employers are required to pay on behalf of their employees, which include social security and Medicare taxes in the United States.