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Marcia Martin reports the following items of income for the current year on a joint return: Employee salary 30,000.00 Interest income 3,000.00 Self-employment income 15,006.00
Marcia Martin reports the following items of income for the current year on a joint return: | |
Employee salary | 30,000.00 |
Interest income | 3,000.00 |
Self-employment income | 15,006.00 |
Self-employment tax paid | 2,296.00 |
She is a participant in her employer's qualified defined contribution retirement plan and has a nonworking spouse. | |
How much, if anything, may Marcia deduct if she contributes the maximum amount on behalf of herself and her husband to a traditional joint IRA? | |
Same question as above, but now assume Marcia's AGI equals $105,000. | |
What are the maximum contribution/deduction amounts available to Marcia if she maintains a Solo 401(k) plan (assuming the original facts)? | |
What are the maximum contribution/deduction amounts available to Marcia if she maintains a SEP IRA (assuming the original facts)? | |
What are the maximum contribution/deduction amounts available to Marcia if she maintains a SIMPLE IRA (assuming the original facts)? |
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