What is the contribution limit to a SIMPLE plan in 2018? $5,500 $12,500 $18,500 $54,000
Solution:
Contribution limit to simple IRA plan in 2018 is $12,500
Hence 2nd option is correct.
What is the contribution limit to a SIMPLE plan in 2018? $5,500 $12,500 $18,500 $54,000
What is the dollar limit on annual elective deferrals in 2018 to a SEP plan? O A. $17,500 O B. $18,000 O C. $19,000 D. $18,500
11. Gary is a self-employed CPA whose 2018 net earnings from his trade or business (before the H.R. 10 plan contribution but after the deduction for one-half of self-employment taxes) is 225,000. What is the maximum contribution that Gary can make on his behalf (Keogh) plan in 2018? A) $18,500 B) $45,000 C) $55,000 D) $60,000 to his H.R. 10 12. A partnership plans to set up a retirement plan to benefit the partners and the employees. All of the...
Chapter 10 - Question 7 : Help me to explain this. Thank you Maxine, age 35, earns $200,000 annually from ABC Incorporated. ABC sponsors a SIMPLE, and matches all employee deferrals 100% up to a 3% contribution. What is the maximum employee deferral contribution to Maxine’s SIMPLE account for 2018? $6,000 $12,500. $15,500. $18,500
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...
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...
What is the difference between a defined benefit and a defined contribution retirement plan? Multiple Choice Defined benefit plans allow employees to set aside money on a tax-exempt basis. Defined contribution plans allow employees to determine a specific amount of money they wish to receive upon retirement. Defined contribution plans allow employees to contribute a set amount toward their retirement plan while employed. Defined benefit plans limit employee contributions while employed.
Submmed 37.5/100 Total points ewarded Help During 2018 Rebekah, a 20-year-old full-time student earned $3,400 during the year and was not eligible to participate in an employer-sponsored retirement plan. The general limit for deductible contributions during 2018 is $5,500. How much of a tax-deductible contribution can she make to an IRA? Multiple Choice 0 (Full time students are not alowed to parbcopete in IRAs $3.400 8.400 $5 500
Submmed 37.5/100 Total points ewarded Help During 2018 Rebekah, a 20-year-old full-time...
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$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...
What is the calculation used in determining the deductible amount of an IRA contribution in 2018 when a persorn has a tax filing status of single and is an active participant? O A. 0.40 x (upper MAGI limit - MAGI amount) B. 0.50x (upper MAGI limit - MAGI amount) C. 0.55 x (upper MAGI limit - MAGI amount) O D. 0.60 x (upper MAGI Llimit - MAGI amount)
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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...