Sergio Is a 15% Partner in the Hopkins Group and Has

question 47

Multiple Choice

Sergio is a 15% partner in the Hopkins Group and has net self-employment income of $100,000 in 2016.The maximum amount that Sergio can contribute to a Keogh money purchase plan is

• A)$3,000
• B)$13,045
• C)$20,000
• D)$25,000
• E)$50,000

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Definitions:

Higher Needs

In Maslow's hierarchy, these are psychological needs relating to self-fulfillment, such as self-actualization and esteem needs, considered more complex than basic physiological or safety needs.

Actual Survival

The real, physical continuation of life or existence, especially under adverse conditions.

Hierarchy of Needs

A psychological theory proposed by Abraham Maslow that prioritizes human needs from the most basic physical needs to higher-level psychological needs and self-fulfillment.

Physiological Needs

Basic physical requirements necessary for human survival, such as food, water, and shelter.