They want to start a program through their practice that will provide retirement benefits for themselves & three other employees. They would likely choose <u>HR-10 (Keogh Plan)</u><u>,</u> the correct option is D.
<h3>What is Keogh Plan?</h3>
For retirement, self-employed people and unincorporated businesses can use a Keogh plan, which is a tax-deferred pension plan. Defining a Keogh plan as either a defined-benefit or defined-contribution arrangement is possible, though the latter is how most plans are set up.
Contributions are typically tax deductible up to a predetermined percentage of annual income, with applicable absolute limits in U.S. dollars, which the Internal Revenue Service (IRS) can alter annually.
Self-employed individuals and unincorporated businesses, such as sole proprietorships and partnerships, can participate in Keogh plans as retirement plans. The creation and use of a Keogh plan for retirement is not permitted for independent contractors.
Learn more about Keogh plan
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Actually pay attention in class that way you know the material. having ur phone taken away really helps you focus bc you have nothing else better to do. from personal experience
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The type of recommended payment will depend on the type of period and earning amount, thereby more information is required to choose one option.
<h3>Which is the type of payment?</h3>
The type of payment generally makes reference to the period in which a person earns a particular amount of money.
For example, in a salaried payment option, an employee might earn more money per week than an hourly employee.
To determine the recommended payment it is required to obtain more information about monthly/weekly and day earning options.
Learn more about salaried payment options here:
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