Brandon, age 26, is a self-employed plumber. One month ago, Brandon hired his brother, age 20, to
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Brandon, age 26, is a self-employed plumber. One month ago, Brandon hired his brother, age 20, to help in the business. Brandon wants to accumulate a retirement fund and decides to adopt a Keogh plan to fund his retirement. Brandon's net earnings (after certain adjustments) are $80,000.
a. What is the maximum tax-deductible contribution Brandon can make to the Keogh plan?
b. Does Brandon have to include his brother in his Keogh plan? Explain your answer.
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Related Book For
Principles of Risk Management and Insurance
ISBN: 978-0132992916
12th edition
Authors: George E. Rejda, Michael McNamara
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