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Question Joey, who is married, is not covered by another qualified retirement plan, earns $131,000 in 2022. His wife, Sally, does not work and takes
Question
| Joey, who is married, is not covered by another qualified retirement plan, earns $131,000 in 2022. His wife, Sally, does not work and takes care of their four children. How much can they contribute and deduct (combined) to a traditional IRA in 2022? | ||||
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| Mina, who is single, would like to contribute to her Roth IRA. Her AGI is $135,000. What is the maximum amount can contribute to the Roth IRA in 2022? | ||||
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| Shannon who is 27 years old maintains a household for a dependent 11-year-old son. Her income consists of $10,050 of salary and $50 of taxable interest. She paid no income taxes in 2022 because her income was so low. With respect to the earned income credit the following is true: | ||||
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Accounting for Governmental and Nonprofit Entities
Authors: Earl R. Wilson, Jacqueline L Reck, Susan C Kattelus
15th Edition
978-0256168723, 77388720, 256168725, 9780077388720, 978-007337960
