Kathy Is 60 Years of Age and Self-Employed

question 45

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 to an individual 401(k) ?

• A)$51,000
• B)$56,500
• C)$74,287
• D)$79,787

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Definitions:

Medicaid

A government healthcare program providing medical assistance to individuals and families with low income and resources.

Implementing EHR System

The process of adopting electronic health records in a healthcare setting to improve efficiency and care quality.

Staff Training Requirements

The specific educational or training criteria that employees must meet to perform their job duties effectively.

Lost Medical Records

The situation in which a patient's documented health history is misplaced, lost, or otherwise unavailable.