Which of the Following Statements Regarding Self-Employed Retirement Accounts Is

question 88

Multiple Choice

Which of the following statements regarding self-employed retirement accounts is true?

• A) A self-employed taxpayer who has hired employees may not set up a SEP IRA.
• B) A self-employed taxpayer who has hired employees may set up either a SEP IRA or an individual 401(k).
• C) A self-employed taxpayer who has hired employees may not set up an individual 401(k).
• D) All of these statements are false.

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Definitions:

Working in Teams

The collaborative effort of a group of people to achieve a common goal or complete a task in the most effective and efficient way.

Learned Needs

Needs that are acquired or developed over time as a result of life experiences, cultural exposure, or the influence of social interactions.

Achievement

The accomplishment of an aim or purpose, often associated with a sense of pride and fulfillment.

Affiliation

The need or desire of individuals to connect, belong, or be associated with groups or other people.