Kathy Is 60 Years of Age and Self-Employed

question 39

Multiple Choice

Kathy is 60 years of age and self-employed.During the year she reported $400,000 of revenues and $100,000 of expenses relating to her self-employment activities.If Kathy has no other retirement accounts in her name,what is the maximum amount she can contribute this year to a simplified employee pension (SEP) IRA?

• A)$51,000
• B)$56,500
• C)$57,786
• D)$288,933

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Definitions:

Categorical Imperatives

Fundamental principles proposed by Immanuel Kant that require unconditional adherence without consideration of personal desires or consequences.

The Good Life

A concept describing a life filled with happiness, well-being, and prosperity, often including moral and ethical richness.

Virtue Ethics

An approach to ethics that emphasizes the character of the moral agent rather than the consequences or rules governing their actions.

Positive Character Traits

Attributes or qualities that are morally good or beneficial in nature.