Series 7 - General Securities Representative Exam
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A self employed person earned $104,000 from freelancing in a year. He has a self employed defined contribution plan. What is the maximum that he can contribute to it in a year?
$104,000
A
$51,000
B
$52,000
C
$6,000
D
Explanations
The maximum contribution in a self employed defined contribution plan is $51,000 or 100% of the income for the year; whichever is lower