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Answer the following independent questions with respect to a deductible IRA and $ 401(k) contributions for 2016: a. Govind, age 31, earns a salary of
Answer the following independent questions with respect to a deductible IRA and $ 401(k) contributions for 2016: a. Govind, age 31, earns a salary of $26,000 and is not an active participant in any other qualified plan. His wife has $600 of compensation income. The maximum total deductible contribution to their IRAs is 600 X Feedback Check My Work Employees not covered by another qualified plan can establish their own tax deductible Individual Retirement Accounts (IRAs). However, the amount of the contribution and the extent to which it is deductible may be limited b. Danos is a participant in a SIMPLE 401(k) plan. He contributes 6% of his salary of $42,000, and his employer contributes 3%. 2,520 V, and his employer's total 600 X The amount of his total contributions to his SIMPLE 401(k) account for the year is contributions are 1,260 .The amount that will vest immediately is
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