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G H 1 Shayla is 45 years old, married filing a joint tax return and earns $110,000. 2 Shayla's spouse is 55 years old

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G H 1 Shayla is 45 years old, married filing a joint tax return and earns $110,000. 2 Shayla's spouse is 55 years old and goes to school full time, therefore Shayla's salary is their only source of income. 3 Shayla participates in her CPA's firm traditional 401k plan and contributes the maximum amount in 2020. 4 Shayla would also like to make contributions to traditional Individual Retirement Accounts (IRAs) for herself and her spouse. 5 Calculate the maximum 401k contribution and maximum IRA deduction for Shayla and her spouse in 2020. 7 points 6 All calculations must be shown.

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