Question 1 1 pts Tony is 55 years old. He is single and made $96,000 last year. He contributed $6,500 to his Roth IRA last year. Calculate the impact of this contribution on last year's taxable income. O Tony's taxable income is reduced by the full $6,500. O No impact. The contribution is not deductible O Not enough information to compute an answer. Tony is allowed an Above the Line deduction of 50% of his contribution, thus lowering his taxable income by $3,250. Question 2 1 pts Leroy is a Single Filer. He is 32 years old. He has a total of $45.000 in income. Calculate his maximum allowed contribution to his traditional IRA. O $6,500 O $5,000 O No limit. O $5,500 Question 3 1 pts Tim (age 51) and his wife Delilah (age 50) made a total of $300,000 (combined household income) in 2018. How much are they each allowed to contribute to their Roth IRAs (they each have one) that year? O $6.500 each O $5,500 each O $5,000 each o Zero. They are ineligible. Question 4 1 pts Eleanor (a Single Filer) contributes a total of $15,000 to her Roth IRA between 2015 and 2018. At this point, she has owned the Roth IRA for 3 years. The total account value by November of 2018 is $21,000 (including growth of her investments as well contributed principle). Eleanor decides to withdraw $2,000 of her contributions in December of 2018. Eleanor's marginal tax rate is 22%. Calculate how much Eleanor will owe in taxes and penalties (early withdrawal tax). 0 $440 o Zero. ($0.00). O $200 O $640