Michelle joined Avion Electronics in April 1979. Her employment was terminated on November 30, 2015 and she was paid a $61,500.00 retiring allowance. Michelle joined her

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Kathy is 60 years of age and self-employed. During 2018 she reported $519,000 of revenues and $104,750 of expenses relating to her self-employment activities. If Kathy has no other retirement accounts in her name, what is the maximum amount she can contribute to a simplified employee pension (SEP) IRA for 2018?

Marta is 52 years of age and expects to retire from her current employer at age 65. Marta’s employer contributes $2,000 to a qualified retirement plan for Marta’s benefit in the current year. How will Marta’s employer treat the contribution? a. The $2,000 is never deductible b. The $2,000 is deductible in the current year by the employer c. The $2,000 is deductible in the year Marta retires by the employer d. Only one-twentieth ($100) is deductible in the current year by the employere. None of the abov

Kathy is 48 years of age and self-employed. During 2018 she reported $112,000 of revenues and $44,800 of expenses relating to her self-employment activities. If Kathy has no other retirement accounts in her name, what is the maximum amount she can contribute to a simplified employee pension (SEP) IRA for 2018? (Round your final answer to the nearest whole number)

tes Ms. Ray is age 46 and single. This year, Mr. Ray's retirement savings included a $2,630 employer contribution to a qualified profit- sharing plan account, and a contribution by Ms. Ray to a traditional IRA. Mr. Ray contributed the maximum allowed. Required: a. Compute Ms. Ray's IRA deduction if current year income includes $46,100 salary. b. Compute Ms. Ray's IRA deduction if current year income includes $71,260 salary. c. Compute Ms. Ray's IRA deduction if current year income includes $71,260 salary and $7,290 dividend income. Complete this question by entering your answers in the tabs below. Required A Required B Required C Compute Ms. Ray's IRA deduction if current year income includes $71,260 salary. Note: Do not round phase-out percentage. Round other intermediate values to the nearest whole dollar amount. IRA deduction $ 3,000

At his death, Andrew was a participant in his employer's contributory qualified pension plan. His account reflects the following. $1,902,800 1,522,240 Employer's contribution Andrew's contribution (made with after-tax dollars) Income earned and accumulated by the plan 951,400 a. As to this plan, how much is included in Andrew's gross estate? $ b. If the account balance is paid to Andrew's surviving spouse as the designated beneficiary, how much qualifies for the marital deduction? $

Ms. Ray is age 46 and single. This year, Mr. Ray's retirement savings included a $2,895 employer contribution to a qualified profit- sharing plan account, and a contribution by Ms. Ray to a traditional IRA. Mr. Ray contributed the maximum allowed. Required: a. Compute Ms. Ray's IRA deduction if current year income includes $50,000 salary. b. Compute Ms. Ray's IRA deduction if current year income includes $71,250 salary. c. Compute Ms. Ray's IRA deduction if current year income includes $71,250 salary and $7,970 dividend income. Complete this question by entering your answers in the tabs below. Required A Required B Required C Compute Ms. Ray's IRA deduction if current year income includes $50,000 salary. IRA deduction 6,000 $

Ms. Ray is age 46 and single. This year, Mr. Ray's retirement savings included a $2,730 employer contribution to a qualified profit- sharing plan account, and a contribution by Ms. Ray to a traditional IRA. Mr. Ray contributed the maximum allowed. Required: a. Compute Ms. Ray's IRA deduction if current year income includes $54,900 salary. b. Compute Ms. Ray's IRA deduction if current year income includes $71,450 salary. c. Compute Ms. Ray's IRA deduction if current year income includes $71,450 salary and $7,600 dividend income. Complete this question by entering your answers in the tabs below. Required A Required B Required C Compute Ms. Ray's IRA deduction if current year income includes $71,450 salary. Note: Do not round phase-out percentage. Round other intermediate values to the nearest whole dollar amount. IRA deduction $ 3.270

Pam retires after 28 years of service with her employer. She is 66 years old and has contributed $ 73,500 to her employer's qualified pension fund, all of which was taxable when earned. She elects to receive her retirement benefits as an annuity of $7,350 per month for the remainder of her life. Click here to access Exhibit 4.1 and Exhibit 4.2. a. Assume that Pam retired in June 2022 and collected six annuity payments that year. What is her gross income from the annuity payments in the first year? Sfill in the blank e73af4f4c06c032_1 Question Content Area b. Assume that Pam lives 25 years after retiring. What is her gross income from the annuity payments in the twenty- fourth year? Sfill in the blank 3100ac02cfa0f9b_1 Question Content Area c. Assume that Pam dies after collecting 160 payments. She collected eight payments in the year of her death. What are Pam's gross income and deductions, if any, from the annuity contract in the year of her death? Income from the annuity payments:…