Ms. Ray is age 46
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Ms. Ray is age 46 and single. Her employer made a $2,630 contribution to her
qualified profit-sharing plan account, and she made the maximum contribution to
her traditional IRA.
1. Compute her IRA deduction if Ms. Ray's $46,100 salary is her only income item.
2. Compute her IRA deduction if Ms. Ray's $68,430 salary is her only income item.
3. Compute her IRA deduction if Ms. Ray's $68,430 salary and $7,290 dividend
income are her only income items.
Compute her IRA deduction if Ms. Ray's $68,430 salary is her only income item. (Do
not round phase-out percentage. Round other intermediate values to the nearest
whole dollar amount.)
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