Question
1. Mary establishes a Roth IRA at age 50 and contributes the maximum amount per year to the Roth IRA for 15 years. The account
1. Mary establishes a Roth IRA at age 50 and contributes the maximum amount per year to the Roth IRA for 15 years. The account is now worth $199,000, consisting of $75,000 in contributions plus $124,000 in accumulated earnings. How much can Mary withdraw tax-free
| a. | $0 | |
| b. | $75,000 | |
| c. | $199,000 | |
| d. | $124,000 |
2. Brenda travels from Chicago to Barcelona (Spain) on business. She is gone 10 days during which time she spends 7 days conducting business and 3 days sightseeing. Her expenses are $1,500 (airfare), $200 per day (meals), and $400 per night (lodging). What is Brendas deduction for airfare, meals and lodging?
| a. | $5,000 | |
| b. | $4,550 | |
| c. | $5,250 | |
| d. | $4,200 |
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Foundations Of Managerial Accounting
Authors: Dr. Susan Galbreath
1st Edition
0390786276, 978-0390786272
