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Spencer Strank reports the following items of income for the current year on a joint return: Employee salary $23,000 Interest income $2,000 Net income from
Spencer Strank reports the following items of income for the current year on a joint return: Employee salary $23,000 Interest income $2,000 Net income from consulting $20,000 Self-employment tax paid $2,800 He is a participant in his employer's qualified defined contribution retirement plan and has a non working spouse. Please answer the following questions: a. How much, if anything, may Spencer deduct if he contributes the maximum amount on behalf of himself and his wife to a traditional IRA? b. Same as (a.), but AGI is $112,000. c. What are the maximum contributions and deduction amounts available to Spencer if he maintains a solo 401(k) plan? d. What are the maximum contribution and deduction amounts avaliable to Spencer if he maintains a money purchase Keogh plan? e. What are the maximum contribution and deduction amounts available to Spencer if he maintains a SEP IRA? f. What are the maximum contribution and deduction amounts available to Spencer if he maintains a SIMPLE 401(k)? Please make sure to show all calculations. Please don't just provide a number. Thank you
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