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 $2,895 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

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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