Question
Help answering these Questions 1. Homer and Marge are married and have an adjusted gross income of $157,000. Currently, neither is covered by an employer
Help answering these Questions
1. Homer and Marge are married and have an adjusted gross income of $157,000. Currently, neither is covered by an employer sponsored pension plan. They have never established an Indivisual Retirement Account until 2000, when they opened a Roth IRA. What is the maximum total amount they can contribute to Roth IRAs?
a.0
b. $600
c. $1200
d. $2800
2. An accounting professional must:
a. be competent
b. have at least a bachelors degree
c. be able to deal effectively with the public
d. have stamina to work long hours
3. Unused foreign tax credits are carried back and forward how many years when the limitation is not exceeded?
a. back 2 and forward 15
b. back 2 and forward 5
c. back 3 and forward 5
d. back 3 and forward 15
4. Ken, who is single and 45 years of age, made cash contributions of $500 to his church. Ken is taking the standard deduction on his tax return. By how much will Ken's taxable income be reduced because of the charitable contributions?
a. 0
b. $150
c. $250
d. $500
5. Social responsibility relates to:
a. obligation a business assumes to maximize its positive effect and minimize its negative effect on society
b. moral principles and standards that guide behaviro in the world of business
c. business's responsibility not to pollute teh environment
d. business's responsibility to manufacture products that function properly without harming consumers.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started