Kathy Is 60 Years of Age and Self-Employed

question 97

Multiple Choice

Kathy is 60 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 an individual 401(k) for 2018? (Round your final answer to the nearest whole number)

• A) $29,652.
• B) $35,652.
• C) $55,000.
• D) $61,000.

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Definitions:

Performance Standards

The expected levels of performance that set the benchmarks for quality or success in work tasks or goals.

Organizational Culture

The shared values, beliefs, and practices that shape the behavior and attitudes of individuals within an organization, influencing its functioning and performance.

Social Control

Mechanisms, strategies, and structures within a society or group to regulate individual behavior and maintain social order.

Organizational Culture

The set of shared values, beliefs, and norms that influence the way employees think, feel, and behave in an organization.