Ms. Ray is age 46 and single. Her employer made a $2,895 contribution to her qualified profit-sharing

Question:

Ms. Ray is age 46 and single. Her employer made a $2,895 contribution to her qualified profit-sharing plan account, and she made the maximum contribution to her traditional IRA. Compute her IRA deduction if:
a. Ms. Ray’s $50,000 salary is her only income item.
b. Ms. Ray’s $66,250 salary is her only income item.
c. Ms. Ray’s $66,250 salary and $ 7,970 income are her only income items.
Dividend
A dividend is a distribution of a portion of company’s earnings, decided and managed by the company’s board of directors, and paid to the shareholders. Dividends are given on the shares. It is a token reward paid to the shareholders for their...