Fred Is a Self-Employed Accountant with Gross Earned Income of $140,000

question 94

Multiple Choice

Fred is a self-employed accountant with gross earned income of $140,000 per year (after the deduction for one-half of any self-employment tax) . He has a profit sharing plan (i.e., defined contribution plan) . What is the maximum amount Fred can contribute to his retirement plan?

• A)$28,000
• B)$35,000
• C)$40,000
• D)$140,000
• E)None of the above

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Definitions:

Organic Compounds

Chemical compounds containing carbon atoms bonded to other carbon atoms or hydrogen atoms in a vast variety of structures, properties, and functions.

Petroleum-Based Chemicals

Chemical substances derived from crude oil and used in a variety of products and industrial processes.

Fire Scene

A fire scene refers to the location of a fire, including all the environmental and physical conditions that influence the start, spread, and extinguishment of the fire.

Fire Triangle

A model explaining the three elements needed for fire to occur: heat, fuel, and an oxidizing agent (usually oxygen).