Personally Established Retirement Accounts These days, almost anyone can open personal, tax-sheltered retirement accounts whether or not they're enrolled in a plan at work. Terms and provisions vary among plans, so it pays to do some homework before deciding which is best for your circumstances and goals. To help you focus on the aspects of different plans, answer the following questions. Madeline is a sole proprietor. She wants to create a retirement plan that requires the least amount of setup and maintenance effort. Wwhat type of plan is Madeline most likely going to open? O SEP-IRA O Keogh Chun is a small-business owner. She wants to create a profit-sharing or money-purchase retirement plan. What type of plan is Chun most likely going to open? O SEP-IRA О Кеоgh Alison is 58 years old and opened a traditional IRA when she was 53. Alison earns less than $100,000 per year. Her contribution for this year is $7,000. This contribution is made entirely with: O pretax dollars. O after-tax dollars. Amy earns less than $100,000 per year. She opened a Roth IRA with a contribution of $6,000. This contribution was made entirely with: after-tax dollars. O pretax dollars.
Personally Established Retirement Accounts These days, almost anyone can open personal, tax-sheltered retirement accounts whether or not they're enrolled in a plan at work. Terms and provisions vary among plans, so it pays to do some homework before deciding which is best for your circumstances and goals. To help you focus on the aspects of different plans, answer the following questions. Madeline is a sole proprietor. She wants to create a retirement plan that requires the least amount of setup and maintenance effort. Wwhat type of plan is Madeline most likely going to open? O SEP-IRA O Keogh Chun is a small-business owner. She wants to create a profit-sharing or money-purchase retirement plan. What type of plan is Chun most likely going to open? O SEP-IRA О Кеоgh Alison is 58 years old and opened a traditional IRA when she was 53. Alison earns less than $100,000 per year. Her contribution for this year is $7,000. This contribution is made entirely with: O pretax dollars. O after-tax dollars. Amy earns less than $100,000 per year. She opened a Roth IRA with a contribution of $6,000. This contribution was made entirely with: after-tax dollars. O pretax dollars.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Personally Established Retirement Accounts
These days, almost anyone can open personal, tax-sheltered retirement accounts whether or not they're enrolled in a plan at work.
Terms and provisions vary among plans, so it pays to do some homework before deciding which is best for your circumstances and
goals. To help you focus on the aspects of different plans, answer the following questions.
Madeline is a sole proprietor. She wants to create a retirement plan that requires the least amount of setup and maintenance effort. What type of plan
is Madeline most likely going to open?
SEP-IRA
О Кеogh
Chun is a small-business owner. She wants to create a profit-sharing or money-purchase retirement plan. What type of plan is Chun most likely going
to open?
SEP-IRA
О Кеogh
Alison is 58 years old and opened a traditional IRA when she was 53. Alison earns less than $100,000 per year. Her contribution for this year is
$7,000. This contribution is made entirely with:
pretax dollars.
O after-tax dollars.
Amy earns less than $100,000 per year. She opened a Roth IRA with a contribution of $6,000. This contribution was made entirely with:
after-tax dollars.
pretax dollars.
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