Miles is 33 years old and single his only income consisted Of 10,500 in wages. What is the maximum amount you can contribute to a traditional IRA in 2021 is it $0, or $6000 or $7000 or $10,500
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- At age 27, Laura deposited $1000 into an IRA, it earns 7 7/8% compounded monthly. A. What will it be worth when she retires at 65? B. How much would it be worth if she didn't set it up until she was 35?In 2012 the maximum Social Security deposit by an individual was $8,386.75. Suppose you are 27 and make a deposit of this amount into an account at the end of each year. How much would you have (to the nearest dollar) when you retire if the account pays 2% compounded annually and you retire at age 65?_____$A person is 71 and earning $23000 a year at a part time position, how much of their allotted $12000 yearly social security payments would they recieve?
- Magnus wishes to have $1,500,00 when he retires in 44 years. What are the monthly payments he must deposit into an account that earns 2.5%?Steve Grayson, is self-employed age 43. He has established a SEP-IRA for himself several years ago. In 2019, Steve had a $1,000 excess contribution to his SEP-IRA. In 2020. his net earnings from the business are $80,000. He uses the maximum contribution rate for his SEP-IRA account. What amount would Steve's contribution be for 2020. a.) $14,870 b.) $0 c.) $13,870 d.) $57,000A 35-year old woman has $310,090.00 in an IRA account. Due to medical concerns of a family member, she decided to make no additional contributions to the account but expect it to grow at 6.5% compounded annual. How much does she expect to have in the account when she retires at age 65? The IRA should be worth $ (Round to 2 decimal places.)
- At age 33 Jacob starts making a contribution of $425 at the end of each half-year into a retirement account that pays 6% annually. He continues to do so for 15 years, until he is 48, and then quits making contributions. Suppose that he leaves the money in the account until he is 65. How much money will there be in the account? How much of that money is interest he has earned?Jerrad, age 51, works 15 hours a week at a local fast-food restaurant while he attends a university. He recently learned about the power of compounding, and he opened a traditional IRA this year. If he earned $8,250 in wages this year, what is the most Jerrad could contribute to his traditional IRA? A : $6,500. B : $0. C : $5,500. D : $8,250.Laura and Alan are a young married couple with three small children. Alan earns $60,000 a year, but Laura has no earned income. What is the maximum total contribution Laura and Alan can make to their IRA accounts in 2022? $5,500 $12,000 $6,000 O $14,000 O $7,000
- You annually invest $1,500 in an individual retirement account (IRA) starting at the age of 25 and make the contributions for 15 years. Your twin sister does the same starting at age 40 and makes the contributions for 25 years. Both of you earn 6 percent annually on your investment. What amounts will you and your sister have at age 65? Use Appendix A and Appendix C to answer the question. Round your answers to the nearest dollar. Amount on your account: $ Amount on your sister's account: $ Who has the larger amount at age 65? Select the larger amount.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 XSeth starts an IRA (Individual Retirement Account) at the age of 3232 to save for retirement. He deposits $450$450 each month. Upon retirement at the age of 6565, his retirement savings is $488,809.01$488,809.01. Determine the amount of money Seth deposited over the length of the investment and how much he made in interest upon retirement.