A married couple filing jointly with modified AGI of $37,500 and an IRA contribution of $1,790. A married couple filing jointly with modified AGI of $58,000 and an IRA contribution of $1,880. A head of household taxpayer with modified AGI of $33,000 and Roth IRA contribution of $1,980. A single taxpayer with modified AGI of $12,000 and an IRA contribution of $2,775. tion of $2,77 Retirement Savings Contributions Credit

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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Determine the retirement savings contributions credit in each of the following independent cases. Use Table 9-2.
a. A married couple filing jointly with modified AGI of $37,500 and an IRA contribution of $1,790.
b. A married couple filing jointly with modified AGI of $58,000 and an IRA contribution of $1,880.
c. A head of household taxpayer with modified AGI of $33,000 and Roth IRA contribution of $1,980.
d. A single taxpayer with modified AGI of $12,000 and an IRA contribution of $2,775.
Retirement
Savings
Contributions
Credit
Transcribed Image Text:es Determine the retirement savings contributions credit in each of the following independent cases. Use Table 9-2. a. A married couple filing jointly with modified AGI of $37,500 and an IRA contribution of $1,790. b. A married couple filing jointly with modified AGI of $58,000 and an IRA contribution of $1,880. c. A head of household taxpayer with modified AGI of $33,000 and Roth IRA contribution of $1,980. d. A single taxpayer with modified AGI of $12,000 and an IRA contribution of $2,775. Retirement Savings Contributions Credit
TABLE 9-2 Rates for Retirement Savings Contributions Credit
Joint Return
Over
$
0
41,000
44,000
68,000
Modified Adjusted Gross Income
Head of Household
Over
$0
30,750
33,000
51,000
Not Over
$ 41,000
44,000
68,000
Not Over
$ 30,750
33,000
51,000
All Other Filing Status
Not Over
Over
0
$
20,500
22,000
34,000
$ 20,500
22,000
34,000
Applicable
Percentage
50%
20%
10%
0%
Transcribed Image Text:TABLE 9-2 Rates for Retirement Savings Contributions Credit Joint Return Over $ 0 41,000 44,000 68,000 Modified Adjusted Gross Income Head of Household Over $0 30,750 33,000 51,000 Not Over $ 41,000 44,000 68,000 Not Over $ 30,750 33,000 51,000 All Other Filing Status Not Over Over 0 $ 20,500 22,000 34,000 $ 20,500 22,000 34,000 Applicable Percentage 50% 20% 10% 0%
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