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ואום 32

ואום 32

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Gene and Dixie, husband and wife (ages 35 and 32), both work. They have an adjusted gross income of $50,000, and they are filing a joint income tax return for 2013. (a)What is the maximum per person IRA contribution they can make? (Assume that Dixie earns at least $5,500 per year). Maximum per person IRA contribution 5500 each (b)How much of their combined contributions is tax deductible? Tax deductible contribution $ 10000 X
Transcribed Image Text:Gene and Dixie, husband and wife (ages 35 and 32), both work. They have an adjusted gross income of $50,000, and they are filing a joint income tax return for 2013. (a)What is the maximum per person IRA contribution they can make? (Assume that Dixie earns at least $5,500 per year). Maximum per person IRA contribution 5500 each (b)How much of their combined contributions is tax deductible? Tax deductible contribution $ 10000 X
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