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Ms. Ray is age 46

Ms. Ray is age 46

FINANCIAL ACCOUNTING
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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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.)
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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