Ask Question
BusinessBusiness
8 April, 06:07

An individual owns a bicycle repair business as a sole proprietorship. He does not make a lot of money, but he does have $5,000 available for investment this year. The BEST recommendation for this individual is to make a $5,000 contribution to a (n) :

+5
Answers (1)
  1. 8 April, 06:19
    0
    Roth IRA

    Explanation:

    The best recommendation for this individual would be to make a $5,000 contribution to a Roth IRA fund. A Roth IRA is an individual retirement account in the United States that offers tax-free growth and withdrawals in retirement at age 59½ or older. Since Roth IRA accounts have a annual contribution limit which varies between 5k to 6k a year, the individual will be able to max out this year's contribution with this single payment.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “An individual owns a bicycle repair business as a sole proprietorship. He does not make a lot of money, but he does have $5,000 available ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
An economist's measurement of profit differs from an accountant's in that: a. accountants calculate total revenue differently than do economists. b.
Answers (1)
If there were 60,000 pounds of raw materials on hand on January 1, 120,000 pounds are desired for inventory at January 31, and 410,000 pounds are required for January production, how many pounds of raw materials should be purchased in January?
Answers (1)
Rodriguez Corporation issues 19,000 shares of its common stock for $78,800 cash on February 20. Prepare journal entries to record this event under each of the following separate situations. 1. The stock has a $2 par value. 2.
Answers (1)
Samia has decided that with the two hours in between classes she can do one of 3 things. she has ranked her choices, from highest to lowest as, (1) chat with her friends, (2) study economics or (3) take a nap.
Answers (1)
Characteristics of a general partnership include all of the following except: a. Unlimited liability. b. Mutual agency. c. Voluntary association.
Answers (1)
New Questions in Business
Harootunian Corporation uses a job-order costing system with a single plantwide predetermined overhead rate based on machine-hours.
Answers (1)
Chegg In year 1, the capital stock was 6, the labor input was 3, and output was 12. In year 2, the capital stock was 7, the labor input was 4, and output was 14. What happened to total factor productivity between the two years?
Answers (1)
A company's adjustment for uncollectible accounts at year-end would include a: Multiple Choice Debit to Bad Debt Expense. Credit to Accounts Receivable. Debit to Accounts Receivable. Debit to Allowance for Uncollectible Accounts.
Answers (1)
Explain the differences between transactional and relationship marketing. How do these differences lead to increasing emphasis on logistical performance in supply chain management
Answers (1)
In the context of investing, the term market refers to
Answers (1)
Home » Business » An individual owns a bicycle repair business as a sole proprietorship. He does not make a lot of money, but he does have $5,000 available for investment this year.
Sign Up Forgot Password?