Kathy Is 48 Years of Age and Self-Employed

question 71

Multiple Choice

Kathy is 48 years of age and self-employed. During 2018 she reported $100,000 of revenues and $40,000 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 a simplified employee pension (SEP) IRA for 2018? (Round your final answer to the nearest whole number)

• A) $11,152.
• B) $17,152.
• C) $61,000.
• D) $55,000.

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Definitions:

Diverse Cultures

Refers to the inclusion and interaction of a variety of cultural backgrounds, traditions, and perspectives within a group or society.

Transferable

Qualities, skills, or knowledge that can be applied in different roles or contexts effectively.

Productivity

The efficiency at which individuals, businesses, or systems can produce goods or complete tasks relative to the input used.

Team

A coordinated group of people organized to work together to achieve a specific, common goal.