QUESTION 43

1. Realizing that providing for a comfortable retirement is up to them, Jim and Julie commit to making regular contributions to their IRAs, beginning this year. Consequently, they each make a $2,000 contribution to their traditional IRA. The maximum credit percentage rate for taxpayers filing a joint return applies for AGI between 0 and $38,500. If Jim and Julie's AGI is $35,000 on their joint return, what is the amount of their credit for certain retirement plan contributions?

   	a.	$2,000
   	b.	$400
   	c.	$200
   	d.	$1,000

QUESTION 44

1. Pat generated self-employment income in 2018 of $76,000. The self-employment tax is:

   	a.	$0
   	b.	$5,369.23
   	c.	$11,628
   	d.	$10,738.46