AS PER HOMEWORKLIB POLICY I'VE ANSWERED 1ST QUESTION. KINDLY POST ONE QUESTION AT A TIME. THANK YOU!
Note: For 2019 and 2020 the maximum amount that can be contributed to a Roth IRA is $6,000 if you're younger than age 50. Extra $1,000 per year is allowed if you are 50 or older bringing the total contribution to $7,000. But in the options given, no figure matches the answer obtained when calculations are done based on 2019 and 2020 rules. Therefore it is assumed that the question is based on 2018 rules.
Maximum Roth IRA contribution limits for 2018 are $5,500 for those younger than 50 or $6,500 if you're 50 or older. Therefore Yumiko can contribute a maximum of 6500 as her age is greater than 50 and her AGI is less than $120,000 ( single filer).
Maximum contribution = 5500 + 1000 = 6500.
Question 35 of 50. Yumiko, age 55, has $6,500 net self-employment income from a consulting business....
Question 57 of 75. Elizabeth, age 55, has $5,000 net self-employment income from a consulting business. She also receives $50,000 in dividends, of which $44,000 are qualified. What is the maximum amount that Elizabeth may contribute to a Roth IRA? O $4,646 O $5,000 $5,500 O $6,500 er for
Elizabeth, age 55, has $5,000 net self-employment income from a consulting business. She also receives $50,000 in dividends, of which $44,000 are qualified. What is the maximum amount that E o $4,647 o $5,500 izabeth may contribute to a RothIRA? $6,500 o $6,853 Mark for follow up
Elizabeth Age 55 has 5,000 net self employment income from a consulting business. she also receives 50,000 in dividends of which 44,000 are qualified. what is the maximum that Elizabeth may contribute to a Roth ira
Mark for follow up Question 36 of 50. Victoria made deductible contributions to traditional trement accounts for several years. withdraw $ 12,000 from one of her accounts. Victoriei tirement accounts for several years. In 2018, she decided to 62 years old. How does this transaction affect her 2018 tax vars old. How does this transaction return? O Victoria must report the entire amount of $12,000. U Mark for follow up Question 41 of 50. Evelyn, age 53, takes an early...
1. Sue is a self-employed. Her net profit from the self-employment in 2018 is $150,000. What’s her deductible portion of SE tax on line 27 of Schedule 1? a) $11,475 b) $10,597 c) $ 9,969 d) $ 9,823 2. Young is single and self-employed. His net profit from the business is $100,000. His SE tax on Schedule SE is $14,130. He contributed $6,000 to his self-employed SEP IRA account. He also paid $7,800 self-employed health insurance premium in 2018. What...
I would like to have answer to this question. thanks tax law question $5,500 $6,500 Mark for follow up Question 12 of 30. Ben (48) and Lisa (49) are married, and they will file jointly for 2018. Ben earned $70,000 and is an active participant his employer's retirement plan. Lisa earned $35.000. She is not covered by a retirement plan at work. They have no other income or adjustments, so their modified adjusted gross income (MAGI) is $105,000. Lisa would...
Elizabeth age 55 has 5,000 not self employment income from a consulting business. she also receives 50,000 in dividends, of which 44,000 are qualified. what is the maximum amount the Elizabeth may contribute
I would like to get answer to this question. thanks $5,500 $6,500 Mark for follow up Question 12 of 30. Ben (48) and Lisa (49) are married, and they will file jointly for 2018. Ben earned $70,000 and is an active participant in his employer's retirement plan. Lisa earned $35,000. She is not covered by a retirement plan at work. They have no other income or adjustments, so their modified adjusted gross income (MAGI) is $105,000. Lisa would like to...
Abiha is a 52-year-old an unmarried taxpayer who is not an active participant in an employer-sponsored qualified retirement plan. Before IRA contributions, his AGI is $68,000 in 2018. What is the maximum amount she may contribute to a tax deductible IRA? A) $4,500 B) $5,500 C) $6,500 D) $7,500 Prisha, a single 40-year-old physician, is covered by a qualified retirement plan at work. Her salary is $120,000, and her total AGI is $132,000. The maximum contribution she can make to...
Problem 19-40 (LO. 4, 6) Janet, age 29, is unmarried and is an active participant in a qualified retirement plan. Her modified AGI is $65,000 in 2018. Calculate the amount Janet can contribute to a traditional IRA and the amount she can deduct. Click here to access Exhibit 19.3. Do not round intermediate computations. a. Janet can contribute $ 5,500 to her traditional IRA, but she can deduct $ 4,400 Feedback Check My Work Employees not covered by another qualified...