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Questions -
Q1. Hannah is a 52 year old unmarried taxpayer who is not an active participant in an employer-sponsored qualified retirement plan. Before IRA contributions, her AGI is $26,000 in 2020. What is the maximum amount she may contribute to a tax deductible IRA?
A. $5,600
B. $4,800
C. $6,000
D. $7,000
Q2. Gwen, an independent consultant, traveled to New York City on a business trip. Gwen spent 4 days in business meetings and conferences and then spent 2 days sightseeing in the area. Gwen's plane fare for the trip was $250. Meals cost $150 per day. Hotels and other incidental expenses amounted to $250 per day. Gwen may deduct:
A. $1,890
B. $1,570
C. $1850
D. $1,487
Financial Statement Analysis and Preparation
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Computation of Free Cash Flow
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