The maximum contribution that can be made on behalf of an owner-partner in a Keogh defined contribution money purchase plan is:
A)The lower of 15% of net-self employment income or $55,000
B)The lower of 13.0435% of net-self employment income or $55,000
C)The lower of 20% of net-self employment income or $55,000
D)The lower of 25% of net-self employment income or $55,000

Question

Quizplus · Accepted Answer

The Answer of The maximum contribution that can be made on behalf of an owner-partner in a Keogh defined contribution money purchase plan is:
A)The lower of 15% of net-self employment income or $55,000
B)The lower of 13.0435% of net-self employment income or $55,000
C)The lower of 20% of net-self employment income or $55,000
D)The lower of 25% of net-self employment income or $55,000

The Maximum Contribution That Can Be Made on Behalf of an Owner-Partner