Which of the following is not true of retirement plans for the self-employed?
A) A Keogh plan is usually used by high income individuals.
B) Under a SEP, a maximum contribution of $53,000 is allowed for 2015.
C) Self-employed individuals can choose from several plans including SEP plans and one-participant 401(k) plans.
D) A one-participant 401(k) plan is similar to 401(k) plans for employees except that it allows larger contributions.
Answer: D
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The presumption that contracts are supported by consideration may be overcome by sufficient evidence.
a. true b. false
Owner Dean wanted to sell his duplex in order to purchase a fourplex. He was concerned that he might not net enough from the sale of the duplex to complete the purchase of his next property. Broker Ward offered a net listing. How does and that listing work?
a. The broker would receive only a predetermined discounted commission to help the seller. b. The broker would offer his services as a gratuitous agent. c. The broker would receive a commission only after the seller netted the predetermined amount stipulated in the agreement. d. The broker would be paid up a certain minimum amount and does not risk being paid no commission.