Ann Is the Sole Owner of a Computer Store and Established

question 60

Multiple Choice

Ann is the sole owner of a computer store and established a simplified employee pension plan (SEP) for herself and her two full-time employees. Her net self-employment income for the year is $70,000. The maximum amount she can contribute to her SEP is

• A)$9,130
• B)$10,500
• C)$14,000
• D)$17,500
• E)$49,000

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Definitions:

Common Stock

A type of equity security that represents ownership in a corporation, giving holders voting rights and a share in the company's profits through dividends.

Register With

To officially record or enroll one's personal details or information with a certain organization, authority, or system.

Board Of Directors

A group of individuals elected by shareholders to oversee the management and strategic direction of a corporation.

Ecological Perspective

A framework considering individuals within their environmental contexts, acknowledging the interaction between people and their surroundings.