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3 years ago

"A self-employed individual makes $200,000 per year. To which type of retirement plan can the maximum contribution be made?"

Business

1 answer:

gogolik [260]3 years ago

8 0

Answer:

SEP IRA

Explanation:

The biggest contribution to a retirement account can be made with a SEP IRA. This Simplified Employee Pension is an IRA account set up by small business in which the the contributions are made by the employer (which in this case is the client as well) and the contribution amounts made by the employer cannot exceed 25% of the employee's income, up to a maximum of $55,000 in 2018. Which in this case would be a total of $50,000 that the individual in this scenario can contribute per year.

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