What is the deductible amount of Abraham IRA Contribution

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Reference no: EM131975772

Abraham Ahmad, age 55, is married with 2 dependents. He had the following items of inflows and outflows during the year.

Inflows

Wages from his employer . . . . . . . . .$125,000

Interest on bank CDs . . . . . . . . . . .$10,000

Outflows

Withheld from his paychecks: . . . .

Federal Withholding . . . . . . . $12,000 . . . .

Oklahoma Withholding . . . . . . . $4,000 . . . .

Social Security . . . . . . . . . $7,750 . . . .

Medicare . . . . . . . . . . . . . $1,813 . . . .

401(k) Contribution. . . . . . . . $9,000 . . . .

Contribution to United Way . . . . $240

Out-of Pocket Expenditures:

Contribution to IRA . . .. . . . . . . . . . . . .. $13,000

Contribution to local Mosque (about $150/month). . . $1,800

Contribution to CAIR Foundation (a 501(c)(3)). . . .. .$100

Contribution to Keith Ellison for Congress . . .. .. . $100

Membership in NRA . . . . . . . . . . . . . . . . . . . $35

State Tax balance due paid in 2017 . . . . . . . . . . $20

Mortgage interest on his house . . . . . . . . . . . $8,000

Property insurance on his house . . . . . . . . . . .$1,200

Real Estate Taxes on his house . . . . . . . . . . . $1,840

Abraham tells you that he does have a retirement plan with his employer, and that his wife (age 52) stays home with his sons, and does not work.

What is Abraham's Taxable Wages?

What is the deductible amount of Abraham's IRA Contribution?

What is the deductible amount of Abraham's Spouse's IRA Contribution?

What is Abraham's AGI?

What is Abraham's total itemized deductions?

What is Abraham's taxable income?

Reference no: EM131975772

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