In General, Which of the Following Statements Regarding Self-Employed Retirement

question 63

Multiple Choice

In general, which of the following statements regarding self-employed retirement accounts is true?

• A)In general, SEP IRAs have higher contribution limits than individual 401(k)s if the contributing taxpayer is at least 50 years of age at year end.
• B)In general, SEP IRAs have higher contribution limits than individual 401(k)s no matter the age of the contributing taxpayer.
• C)In general, Individual 401(k)s have higher contribution limits than SEP IRAs.
• D)None of these.In general, both SEP IRAs and individual 401(k)s have exactly the same annual contribution limits.

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Definitions:

Genetic Endowment

The set of genes and genetic information that individuals inherit from their parents at conception.

Racialized Differences

The process by which societies categorize individuals into racial groups and attribute specific characteristics and disparities to these categorizations.

Perceived Intelligence

The level of intelligence an individual is thought to have by others, which may influence their social interactions and opportunities.

Social Class

A division of a society based on social and economic status.