Jana Has $225,000 of Earned Income in 2018

question 31

Multiple Choice

Jana has $225,000 of earned income in 2018. Calculate the amount she can contribute to a SEP.

• A) $22,500
• B) $24,500
• C) $55,000
• D) $56,250
• E) None of the above

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Definitions:

Secured Transactions

involve agreements in which the borrower provides the lender a security interest in personal property as collateral for a loan.

Personal Property

Any property that is not real property, including movable objects, vehicles, furniture, and intellectual property.

Security Agreement

A legal document that provides a lender a security interest in a specific asset or property pledged as collateral for a loan.

Collateral

Assets pledged by a borrower to secure a loan or credit, which can be seized by the lender if the borrower defaults.