a. Juan, age 41, earns a salary of $58,000 and is not an active participant in any other qualified plan. His wife, Agnes, generates no earned income. b. Abby, age 29, reports earned income of $45,000, and her husband, Sam, reports earned income of $4,600. They are not active participants in any other qualified plan. c. Leo's employer makes a contribution of $3,500 to Leo's simplified employee pension plan. Leo is single, he reports earned income of $70,000, and his AGI is $55,000. Contribution 6,000 X 10,600 X 6,000 X

FINANCIAL ACCOUNTING
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Author:Libby
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Chapter1: Financial Statements And Business Decisions
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For the following scenarios, compute the maximum total deductible contribution to a traditional IRA for 2023.
Traditional IRA
Contribution
6,000 X
a. Juan, age 41, earns a salary of $58,000 and is not an active participant in any other
qualified plan. His wife, Agnes, generates no earned income.
b. Abby, age 29, reports earned income of $45,000, and her husband, Sam, reports
earned income of $4,600. They are not active participants in any other qualified plan.
c. Leo's employer makes a contribution of $3,500 to Leo's simplified employee pension
plan. Leo is single, he reports earned income of $70,000, and his AGI is $55,000.
10,600 x
6,000 X
Transcribed Image Text:For the following scenarios, compute the maximum total deductible contribution to a traditional IRA for 2023. Traditional IRA Contribution 6,000 X a. Juan, age 41, earns a salary of $58,000 and is not an active participant in any other qualified plan. His wife, Agnes, generates no earned income. b. Abby, age 29, reports earned income of $45,000, and her husband, Sam, reports earned income of $4,600. They are not active participants in any other qualified plan. c. Leo's employer makes a contribution of $3,500 to Leo's simplified employee pension plan. Leo is single, he reports earned income of $70,000, and his AGI is $55,000. 10,600 x 6,000 X
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