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Problem - Phil and Linda are 25-year-old newlyweds and file a joint tax return. Linda is covered by a retirement plan at work, but Phil is not.
Required -
a. Assuming Phil's wages were $27,000 and Linda's wages were $18,500 for 2018 and they had no other income, what is the maximum amount of their deductible contributions to an IRA for 2018?
b. Assuming Phil's wages were $53,000 and Linda's wages were $70,000 for 2018 and they had no other income, what is the maximum amount of their deductible contributions to an IRA for 2018?
Determine the unearned service revenue,Natalie starts to gather some baking equipment to take with her when teaching the cookie classes.
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