User Account

All Pages

What is allowable deduction for this years contributions

Assignment Help Accounting Basics
Reference no: EM132493298

Question - Rhonda and Ralph are married. Rhonda earns $81,000 annually, and Ralph earns $6,000 annually working part-time. Their AGI is $108,000. Rhonda participates in an employer-sponsored retirement plan. Ralph's company does not have a pension plan. Rhonda and Ralph contribute the maximum amount allowable annually to their IRAs. What is their allowable deduction for this year's contributions?

a. $0 -

b. $2,200

c. $5,500

d. $8,000

e. $11,000

Please show the calculation. Thank you!

Reference no: EM132493298

Questions Cloud

How much interest revenue will Greenwell report : The market rate of interest is 9%. Refer to Greenwell Farms. How much interest revenue will Greenwell report over the life of this contract
Residents of the united states : What term is preferred to refer to residents of the United States? Expand your answer please.
Create the journal entries for each transaction : Prepare the journal entries for each transaction shown. For transactions such as depreciation, amortization of prepaid expenses, etc.
What would the DJIA level be at the end of the day : Suppose on this day the prices for 29 of the stocks remained unchanged and one stock increased $13.00. What would the DJIA level be at the end of the day
What is allowable deduction for this years contributions : Ralph contribute the maximum amount allowable annually to their IRAs. What is their allowable deduction for this year's contributions
How much money was left on the table : Considering investors, the company, and the investment banker, who is happy about the money left on the table and who is not happy. Explain.
What is the new divisor for the price-weighted index : The stocks sell for $92, $340, and $70, respectively. If Baker undergoes a 2-for-1 stock split, what is the new divisor for the price-weighted index
Discuss what is meant by corporate social responsibility : Discuss what is meant by Corporate Social Responsibility (CSR) and why some companies are providing these types of disclosures?
Calculate the annual depreciation expense : Calculate the annual depreciation expense for two (2) years (at the end of 2017 and 2018) using the Reducing balance method

Reviews

Write a Review

Accounting Basics Questions & Answers

  Prepare Ramsey income statement

The general ledger of Ramsey's a 100-seat restaurant, as of December 31, 20X3, Prepare Ramsey's income statement for 20X3 in accordance with the USAR

  The repair division has an estimated variable cost of 45

detroit shipping inc. operates two divisions 1 a shipping division that owns and manages bulk carriers on the great

  Prepare a physical flow schedule

Physical Flow Schedule The following information was obtained for the grinding department of Harlan Company for May.

  Prepare a sales budget for the la babycakes store

Prepare a sales budget for the LA Babycakes store for the 4th quarter of 2016. Present the number of units, sales price, and total sales for each month.

  Jordana woolens is a manufacturer of wool cloth the

jordana woolens is a manufacturer of wool cloth. the information for march is as follows beginning work-in-process

  Identify the activities that pertain to a petty cash fund

Identify the three activities that pertain to a petty cash fund, and indicate an internal control principle that is applicable to each activity.

  What is the average customer waiting time in minutes

The laundry operates 10 hours a day. Each order takes approximately 5 minutes. What is the average customer waiting time, in minutes

  What is the effect of dixons proposed change

Is the proposed change in asset life unethical, or is it simply a good business practice by an astute president?

  Net income or loss for the company

Beginning Retained Earnings are $65,000; sales are $29,500; expenses are $33,000; and dividends paid are $3,500. How much is the net income or loss for the company?

  Create an income tax return for carrie

You said you need the opening balance Im not sure w=exactly. Create an income tax return (with appropriate schedules) for Carrie for 2015.

  The balance in beginning work in process at bing rubber

the balance in beginning work in process at bing rubber company for direct labor was 147200. during the month of march

  Contra asset account for accounts receivable

At the end of the current year, A claim against the customer created by selling merchandise or services on credit.Accounts Receivable has a balance of $3,460,000; The contra asset account for accounts receivable.

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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