Ms. Ray is age 46 and single. Her employer made a $2,630 contribution to her qualified profit-sharing plan account, and...
Ms. Ray is age 46 and single. Her employer made a $2,630
contribution to her qualified profit-sharing plan account, and she
made the maximum contribution to her traditional IRA.
- Compute her IRA deduction if Ms. Ray’s $46,100 salary is her only income item.
- Compute her IRA deduction if Ms. Ray’s $68,430 salary is her only income item.
- Compute her IRA deduction if Ms. Ray’s $68,430 salary and $7,290 dividend income are her only income items.
Compute her IRA deduction if Ms. Ray’s $68,430 salary is her only income item. (Do not round phase-out percentage. Round other intermediate values to the nearest whole dollar amount.)
Homework Answers
Request Answer!
We need at least 10 more requests to produce the answer.
0 / 10 have requested this problem solution
The more requests, the faster the answer.
Add Answer to:
Ms. Ray is age 46 and single. Her employer made a $2,630 contribution to her qualified profit-sharing plan account, and...
Ms. Ray is age 46 and single. Her employer made a $2,430 contribution to her qualified...
Ms. Ray is age 46 and single. Her employer made a $2,430 contribution to her qualified profit-sharing plan account, and she made the maximum contribution to her traditional IRA. Required: Compute her IRA deduction if Ms. Ray’s $50,800 salary is her only income item. Compute her IRA deduction if Ms. Ray’s $69,730 salary is her only income item. Compute her IRA deduction if Ms. Ray’s $69,730 salary and $7,630 dividend income are her only income items
peter molloy is considering making a contribution to an IRA, but his employer has a profit-sharing...
peter molloy is considering making a contribution to an IRA, but his employer has a profit-sharing plan. Plan benefits vest over 6 years, and peter is 60% vested. The employer made no contribution to the plan for the year. No employees have terminated during the year. Which of the following statements concerning Peter’s contribution to an IRA is correct? peters contribution will not be deductible because contributions are not required every year to profit-sharing plan. Peters contribution will be deductible...
Ms. Jost participates in her employer's Section 401(k) plan, which obligates the employer to cont...
Ms. Jost participates in her employer's Section 401(k) plan, which obligates the employer to contribute 25 cents for every dollar that an employee elects to contribute to the plan. This year, Ms. Jost's salary is $110,000, and she elects to contribute the maximum to her Section 401(k) account. a. How much of Ms. Jost's salary is taxable this year? b. Compute the total contribution to Ms. Jost's plan. c. Compute the employer's deduction for compensation paid to Ms. Jost Complete...
Ms. Jost participates in her employer’s Section 401(k) plan, which obligates the employer to contribute 25...
Ms. Jost participates in her employer’s Section 401(k) plan, which obligates the employer to contribute 25 cents for every dollar that an employee elects to contribute to the plan. This year, Ms. Jost’s salary is $110,000, and she elects to contribute the maximum to her Section 401(k) account. How much of Ms. Jost’s salary is taxable this year? Compute the total contribution to Ms. Jost’s plan. Compute the employer’s deduction for compensation paid to Ms. Jost.
Ocatagon Industries has an age-weighted profit sharing plan that uses a fixed age-weighted formula for allocating...
Ocatagon Industries has an age-weighted profit sharing plan that uses a fixed age-weighted formula for allocating employer contributions. The plan covers 50 employees. The owner and two key employees are highly compensated, each earning $500,000 per year. Average pay for the rank-and-file employees is $35,000 per year. This year, the company allocated $1,000 to each employee’s retirement account. The tax implications of such an allocation include which of the following? A. because the plan is top-heavy, Ocatagon cannot receive a...
If an individual (or spouse) is an active participant in an employer-sponsored retirement plan, he or...
If an individual (or spouse) is an active participant in an employer-sponsored retirement plan, he or she cannot make a deductible IRA contribution. True or False If only one spouse is employed, and that spouse is not covered under an employer-sponsored retirement plan, then the non-working spouse can make a deductible contribution to his or her own IRA. True or False With a Roth IRA, contributions are deductible, the account grows tax-free, and distributions are not taxable. True or False...
Please solve a - c Ms. Jost participates in her employer's Section 401(k) plan, which obligates...
Please solve a - c
Ms. Jost participates in her employer's Section 401(k) plan, which obligates the employer to contribute 25 cents for every dollar that an employee elects to contribute to the plan. This year, Ms. Jost's salary is $110,000, and she elects to contribute the maximum to her Section 401(k) account a. How much of Ms. Jost's salary is taxable this year? b. Compute the total contribution to Ms. Jost's plan. c. Compute the employer's deduction for compensation...
on February 14,2020, John who is single and age 30, establishes a traditional IRA and contributes...
on February 14,2020, John who is single and age 30,
establishes a traditional IRA and contributes $6,000 to the
account. John's adjusted gross income is $73,000 in 2019 and
$59,500 in 2020.John is an active participant in an
employer-sponsored retirement plan.
i Requirements a. What amount of the contribution is deductible? In what year is it deductible? b. How is the deduction (if any) reported (i.e., for AGI or from AGI)? c. How would your answer to Part a change,...
Question 9 1pts Terry and Nancy are both age 39 and each plan to contribute $5,500...
Question 9 1pts Terry and Nancy are both age 39 and each plan to contribute $5,500 to their traditional IRAs for the 2018 tax year. They are both employed and file a joint income tax return. However, only Terry is eligible for and participates in his employer's qualified retirement plan. Terry and Nancy's modified AGI and earned income for the year 2018 is 599,000. What amount, if any, can Nancy deduct for her IRA contribution? . $200 $5,500 $4,400 $2,500...
Serena is a 40-year-old single taxpayer. She operates a small business on the side as a...
Serena is a 40-year-old single taxpayer. She operates a small business on the side as a sole proprietorship. Her 2018 Schedule C reports net profits of $5,624. Her employer does not offer health insurance. Serena pays health insurance premiums of $7,545 in 2018. Serena also pays long-term care insurance premiums of $600 in 2018. Calculate Serena’s self-employed health care deduction. $____________ Evan participates in an HSA carrying family coverage for himself, his spouse, and two children. In 2018, Evan has...
Ms. Jost participates in her employer's Section 401(k) plan, which obligates the employer to contribute 25 cents for every dollar that an employee elects to contribute to the plan. This year, Ms. Jost's salary is $110,000, and she elects to contribute the maximum to her Section 401(k) account. a. How much of Ms. Jost's salary is taxable this year? b. Compute the total contribution to Ms. Jost's plan. c. Compute the employer's deduction for compensation paid to Ms. Jost Complete...
Please solve a - c
Ms. Jost participates in her employer's Section 401(k) plan, which obligates the employer to contribute 25 cents for every dollar that an employee elects to contribute to the plan. This year, Ms. Jost's salary is $110,000, and she elects to contribute the maximum to her Section 401(k) account a. How much of Ms. Jost's salary is taxable this year? b. Compute the total contribution to Ms. Jost's plan. c. Compute the employer's deduction for compensation...
on February 14,2020, John who is single and age 30,
establishes a traditional IRA and contributes $6,000 to the
account. John's adjusted gross income is $73,000 in 2019 and
$59,500 in 2020.John is an active participant in an
employer-sponsored retirement plan.
i Requirements a. What amount of the contribution is deductible? In what year is it deductible? b. How is the deduction (if any) reported (i.e., for AGI or from AGI)? c. How would your answer to Part a change,...
Question 9 1pts Terry and Nancy are both age 39 and each plan to contribute $5,500 to their traditional IRAs for the 2018 tax year. They are both employed and file a joint income tax return. However, only Terry is eligible for and participates in his employer's qualified retirement plan. Terry and Nancy's modified AGI and earned income for the year 2018 is 599,000. What amount, if any, can Nancy deduct for her IRA contribution? . $200 $5,500 $4,400 $2,500...
Most questions answered within 3 hours.
-
Why is QE a controversial monetary policy tool.
A. It may lead to excessive inflation.B. By...
asked 1 hour ago -
Principles of Programming midterm study guide help!
1.)
______ Which of the following would reference the...
asked 30 minutes ago -
Romeo wishes to throw a bouquet of flowers to Juliet, who is on
a second-story balcony,...
asked 45 minutes ago -
A finite potential well has depth U0 = 2.78 eV . What is the
penetration distance...
asked 1 hour ago -
1. The bus bars of a power station are in two sections A and B
separated...
asked 1 hour ago -
Fiscal policy is the deliberate manipulation of taxes and
government spending to alter GDP, employment, inflation...
asked 2 hours ago -
evaluating an expression using only one digit and + and - as
operators ....3+5-1+7-5+8
-----------------------
stack...
asked 2 hours ago -
Two concentric current loops lie in the same plane. The smaller
loop has a radius of...
asked 2 hours ago -
1)Which of the following is an
important difference between qualified and nonqualified retirement
plans?
a. Qualified...
asked 3 hours ago -
What's the streaming business's problem on the
horizon?
asked 3 hours ago -
I need help with writing the conclusion for this online lab
report
Abstract
By testing the...
asked 4 hours ago -
For the reaction 1N2+3H2-----> 2NH3, would the reaction rate
trend be: delta[NH3]/ delta t = -2...
asked 4 hours ago