Contribution to the ira, Molly, age 29, is unmarried and is

Contribution to the ira

Assignment Help Accounting Basics

Reference no: EM13146634

Molly, age 29, is unmarried and is an active participant in a qualified deductible (traditional) IRA plan. Her modified AGI is $61,000 in 2010.

a. Calculate the amount that Molly can contribute to the IRA and the amount she can deduct.

b. Assume instead that molly is participant in a SIMPLE IRA and that her compensation for the year is $61,000. Molly elects to contribute 4% of her compensation to the account. While her employer contributes 3%. What amount will be contributed for 2010? What amount will be vested?

Reference no: EM13146634

Questions Cloud

President correa''s influence in the case : President Correa's influence in the case 2. How does the Exxon vs Valdes case support the Ecuador vs Chevron case?

Find probability exactly three will have mild side effect : In testing a new drug, researchers found that 10% of all patients using it will have a mild side effect. A random sample of 12 patients using the drug is selected. Find the probability that: exactly three will have this mild side effect.

Explain the vapor leaving the top of a distillation : the vapor leaving the top of a distillation column goes to a condenser in which either total or partial condensation takes place.

Significant difference in proportion of adults rated video : Using the .10 level of significance, can we conclude there is a significant difference in the proportion of adults and the proportion of teens who rated the new video?

Contribution to the ira : Molly, age 29, is unmarried and is an active participant in a qualified deductible (traditional) IRA plan. Her modified AGI is $61,000 in 2010. a. Calculate the amount that Molly can contribute to the IRA and the amount she can deduct.

How much does the farmers revenue change : The farmer initially grows 1,057 acres of wheat and 0 acres of corn. Suppose the price of corn increases by $102 per acre harvested and how much does the farmer's revenue change by if she continues to grow wheat even after the price of corn increas..

Can he do this because he is not an appointer : Can he do this because he is not an appointer? No provision under Trusts Act saying a bankrupt can't be a trustee, but they can be removed based on being unfit (s 12(1)(e) or incapable s 12(1)(f) also Miller v Cameron). "B" wanted to resign from ..

Increase in the estimated total contract costs : When there is a significant increase in the estimated total contract costs but the increase does not eliminate all profit on the contract, which of the following is correct?

What is the percent by mass of oxygen in a gaseous mixture : What is the percent by mass of oxygen in a gaseous mixture whose molar composition is 0.500% CO2 and 99.500% air?

User Account

All Pages