rmn Mr. Gilbert is self-employed and makes annual contributions to a SEP plan. Ms.Gilbert's employer doesn't offer any type of qualified retirement plan. Eachspouse contributes the maximum $6,500 to a traditional IRA. Required:Compute the AGI on their joint return if AGI before an IRA deduction is$144,500. Compute the AGI on their joint return if AGI before an IRA deductionis $224,100.

To compute the Adjusted Gross Income (AGI) on Mr. and Ms. Gilbert's joint return, we need to…

Answered: Mr. Gilbert is self-employed and makes…

Individual Income Taxes

43rd Edition

ISBN:9780357109731

Author:Hoffman

Publisher:Hoffman

Chapter19: Deferred Compensation

Section: Chapter Questions

Problem 44P

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Darrell is an employee of Whitneys. During the current year, Darrells salary is 136,000. Whitneys net self-employment income is also 136,000. Calculate the Social Security and self-employment taxes paid by Darrell and Whitney. Write a letter to Whitney in which you state how much she will have to pay in Social Security and self-employment taxes and why she owes those amounts.
Virginia and Richard are married taxpayers with adjusted gross income of $28,000 in 2019 If Virginia is able to make a $1,500 contribution to her IRA and Richard makes a $1,500 contribution to his IRA, what is the Saver's Credit Virginia and Richard will be eligible for? $0 $1,500 $2,000 $3,000 $4,000
Mr. Gilbert is self-employed and makes annual contributions to a SEP plan. Ms. Gilbert's employer doesn't offer any type of qualified retirement plan. Each spouse contributes the maximum $6,500 to a traditional IRA. Required: Compute the AGI on their joint return if AGI before an IRA deduction is $144,500. Compute the AGI on their joint return if AGI before an IRA deduction is $224,100.
Mr. Gilbert is self-employed and makes annual contributions to a Keogh plan. Mrs. Gilbert's employer doesn't offer any type of qualified retirement plan. Each spouse contributes $3,100 to a traditional IRA. Required: Compute the AGI on their joint return if AGI before an IRA deduction is $154,000. Compute the AGI on their joint return if AGI before an IRA deduction is $204,600
Mr. Gilbert is self-employed and makes annual contributions to a Keogh plan. Mrs. Gilbert’s employer doesn’t offer any type of qualified retirement plan. Each spouse contributes $3,700 to a traditional IRA. In each of the following cases, compute the AGI on their joint return. a.AGI before an IRA deduction is $136,000. b.AGI before an IRA deduction is $196,800 Please answer fast without plagiarism .
The following taxpayers are covered by an employer-sponsored retirement plan. Which one may FULLY DEDUCT their traditional IRA contribution? Kelli files single. Her modified AGI is $68,000. Mark files head of household. His modified AGI is $68,001. Samantha is married, did not live with her spouse at any time during the year, and chooses to file a separate return. Her modified AGI is $10,975. Donald is married and files a joint return. Both he and his spouse are covered by an employer-sponsored plan. The couple's modified AGI is $109,500.
Myers, who is single, has compensation income of $66,600 in 2020. He is an active participant in his employer's qualified retirement plan. Myers contributes $6,000 to a traditional IRA. Click here to access Exhibit 19.3 Phaseout of IRA Deduction of an Active Participant. Do not round any division. If required, round your answer to the nearest dollar. Of the $6,000 contribution, how much can Myers deduct? 3,600 X
For the following scenarios, compute the maximum total deductible contribution to a traditional IRA for 2023. Traditional IRA 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. 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
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
A 42-year-old single taxpayer earning a salary of $138,000 a year can make which of the following IRA contributions if he is not coverec by a plan at work? Oa. S7.000 to either a traditional IRA, a Roth IRA, or a nondeductible IRA Ob. $6,000 to elther a traditional IRA a Roth IRA. or a nondeductible IRA Oc. $6.000 to either a traditional IRA or a nondeductible IRA, but no contribution is allowed to a Roth IRA Od. $6,000 to a Roth IRA only
Rafael and Lucy, married taxpayers, each contribute $3,400 to their respective § 401(k) plans offered through their employers. The AGI reported on the couple's joint return is $40,100. Determine their credit for retirement plan contributions (the Saver's Credit). Click here to access the "Saver's" Credit Rate and AGI Thresholds Table. As a result, they may claim a credit for their retirement plan contributions of $ Feedback Check My Work 3,400 X Taxpayers may claim a nonrefundable credit for certain retirement plan contributions based on eligible contributions to certa retirement plans, such as traditional and Roth IRAs and § 401(k) plans.

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