The Maximum Contribution That Can Be Made on Behalf of an Owner-Partner

question 92

Multiple Choice

The maximum contribution that can be made on behalf of an owner-partner in a Keogh defined contribution money purchase plan is:

• A)The lower of 15% of net-self employment income or $51,000
• B)The lower of 13.0435% of net-self employment income or $51,000
• C)The lower of 20% of net-self employment income or $51,000
• D)The lower of 25% of net-self employment income or $51,000

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Definitions:

Completeness Check

A verification process to ensure that all necessary data is present and accounted for, often used in data entry and processing.

Required

Necessary or obligatory in a particular situation or for achieving a specific purpose.

Validation Rule

In a database, generally defined as part of the data dictionary and specified in the field properties for each field; violations result in an error message and a suggested action.

Employee's ID Number

A unique identifier assigned to each employee within an organization for the purpose of identification and record-keeping.