What amount would ira deduction be for the year

Assignment Help Accounting Basics
Reference no: EM132675493

Problem 1: Jack (age 45) and Jill (age 42) are married, and their filing status is Married Filing Jointly. Jack is an engineer, and Jill is a homemaker. During 2019, Jack had wages of $115,000 and was covered by a retirement plan at work. They also had interest income of $2,850 and dividend income of $8,580. Jack contributed $6,000 to his traditional IRA account. Jill contributed $3,500 to her traditional account and $2,500 to her Roth IRA account. What amount would their IRA deduction be for the year?

Select one:

a. $ 3,500
b. $ 6,000
c. $ 9,000
d. $11,000

Reference no: EM132675493

Questions Cloud

What is the number of joules of energy : If there are 75.6 mL of water that change from 10 degrees Celsius to 26 degrees Celsius, what is the number of joules of energy transferred in the form of heat
Which statements regarding randy ira contribution is correct : Randy meets the eligibility requirements necessary to make an IRA contribution. Which statements regarding Randy's IRA contributions is correct?
Preparation of carbon-containing compounds : In this final post, you will be applying what you have learned in the class to the real world. Choose an article involving organic chemistry published within th
How to calculate a percent difference : How to calculate a percent difference using a prediction and the data obtained from the laboratory parts of the activity?
What amount would ira deduction be for the year : Jill contributed $3,500 to her traditional account and $2,500 to her Roth IRA account. What amount would their IRA deduction be for the year?
Carbon-carbon double bonds of unsaturated fat molecules : What is different about the carbon-carbon double bonds of unsaturated fat molecules, preventing interconversion of cis and trans forms?
Find what amount is jodie allowed to contribute to roth ira : Find What amount is Jodie allowed to contribute to her Roth IRA for the tax year? Jodie, age 52, filed her tax return using the Married Filing Separately status
Explore and illustrate the range of venture types : Explore and illustrate the range of venture types that might be considered entrepreneurial and Determine and assess the key aspects of an entrepreneurial
What is the molarity of said solution : If said solution has a density of 1.08 g/ml, what is the molarity of said solution?

Reviews

Write a Review

Accounting Basics Questions & Answers

  Presented below are three unrelated situations ron stein

presented below are three unrelated situations.a ron stein company recently signed a lease for a new office building

  Should avery consider the potential liability that comes

avery inc. is a wholesale distributor supplying a wide range of moderately priced sporting equipment to large chain

  Invest in marketable securities

The XYZ Corporation has $1000,000 which it plans to invest in marketable securities. The corporation is choosing between the following three equally risky securities

  What were the equivalent units for the month

Cooperative San José of southern Sonora state in Mexico makes a unique syrup using cane sugar and local herbs. The syrup is sold in small bottles.

  What is the companys earnings per share

Mayan Company had net income of $32,980. The weighted-average common shares outstanding were 9,700. What is the company's earnings per share?

  What is the significance of goodwill in the consolidation

what is the significance of goodwill in the consolidation process? why is it necessary to determine goodwill

  Question - Estimate overhead

Required - Estimate overhead if the company expects the plant to operate at a monthly average of 3,040 labor-hours next year

  Prepare comprehensive budgets for upcoming second quarter

Prepare comprehensive budgets for the upcoming second quarter in order to show management the benefits that can be gained from an integrated budgeting program.

  Create a sales forecast

Bill and Henry are discussing the volume of cash that has been coming into and going out of their business during the accounting period.

  If management decides to buy part o13 from the outside

if management decides to buy part o13 from the outside supplier rather than to continue making the part what would be

  Budget report for a colleague at work

1. Imagine that you are to design a budget report for a colleague at work using a spreadsheet package. Following the prototyping discussion (see also Figure 1-12), describe the steps you would take to design a prototype of this report.

  Why inherent risk set for audit objective for segment

What is the effect on the amount of evidence the auditor must accumulate when inherent risk changes from medium to high for an audit objective?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd