Tessa Is a Self-Employed CPA Whose 2014 Net Earnings from Her

question 58

Multiple Choice

Tessa is a self-employed CPA whose 2014 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 2014?

• A)$100,000
• B)$80,000
• C)$65,000
• D)$52,000

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Definitions:

Pupils Dilate

The widening of the pupils, which can occur in response to various factors, including changes in light, emotional states, or physiological responses.

Heart Pounds

A physical sensation of rapid heartbeat, often experienced during intense emotions or physical exertion.

Stress

The body's reaction to any change that requires an adjustment or response, which can come from environmental, physical, or emotional factors.

Memory

A faculty by which the mind stores and remembers information.