what is the maximum amount she can contribute to an individual 401(k) for 2022?
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3.
Kathy is 60 years of age and self-employed. During 2022, she reported $536,000 of revenues and $107,200 of expenses relating to her self-employment activities. If Kathy has no other retirement accounts in her name, what is the maximum amount she can contribute to an individual 401(k) for 2022? Assume she pays $29,121 in self-employment for 2022.
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- Harriett is age 52, married, and reported AGI of $118,000 in tax year 2023. She is an active participant in her employer's pension plan. What is the maximum deductible IRA contribution she can make for her own account in 2023? Question options: $750 $6,750 $7,500 some other numberRory is 64 years old and despite being retired from his occupation as an attorney, earned $27,500 in 2023 while working as a golf instructor at a local golf course. Rory's monthly retirement benefit from Social Security is normally $1,700, which totals $20,400 for the entire year. Because Rory exceeded the retirement earnings limitation, how much money will be reduced from Rory's Social Security retirement benefit for 2023? 1) $2,020 2) $3,130 3) $4,270 4) $6,260! Required information [The following information applies to the questions displayed below.] In 2023, Susan (44 years old) is a highly successful architect and is covered by an employee-sponsored plan. Her husband, Dan (47 years old), however, is a Ph.D. student and unemployed. Compute the maximum deductible IRA contribution for each spouse in the following alternative situations. Note: Leave no answers blank. Enter zero if applicable. b. Susan's salary and the couple's AGI before any IRA contribution deductions is $140,000. The couple files a joint tax return. Maximum deductible IRA contribution Susan Dan
- Hope owns and operates a small business. Assuming she meets all the requirements, what is the maximum credit amount that she could qualify for under the Military Spouse Retirement Plan Eligibility Credit in 2023? $100 $200 $300 $5007 Martha has a gross income of $63,822. She can make adjustments of $10,884 for business losses, $3,672 for business expenses, and $2,983 for contributions to her retirement plan. What is Martha's adjusted gross income?Individual Retirement Accounts (LO 5.3) Phil and Linda are 25-year-old newlyweds and file a joint tax return. Linda is covered by a retirement plan at work, but Phil is not. If an amount is zero, enter "0". a. Assuming Phil's wages were $27,000 and Linda's wages were $18,500 for 2018 and they had no other income, what is the maximum amount of their deductible contributions to a traditional IRA for 2018? Phil $ Linda $ b. Assuming Phil's wages were $53,000 and Linda's wages were $70,000 for 2018 and they had no other income, what is the maximum amount of their deductible contributions to a traditional IRA for 2018? Phil $ Linda $
- Pam retires after 28 years of service with her employer. She is 66 years old and has contributed $52,500 to her employer's qualified pension fund, all of which was taxable when earned. She elects to receive her retirement benefits as an annuity of $5,250 per month for the remainder of her life. Click here to access Exhibit 4.1 and Exhibit 4.2. a. Assume that Pam retired in June 2022 and collected six annuity payments that year. What is her gross income from the annuity payments in the first year? b. Assume that Pam lives 25 years after retiring. What is her gross income from the annuity payments in the twenty-fourth year? c. Assume that Pam dies after collecting 160 payments. She collected eight payments in the year of her death. What are Pam's gross income and deductions, if any, from the annuity contract in the year of her death? Income from the annuity payments: Loss deduction:Lauren, an unmarried taxpayer at 43 years old, is a participant in her employer's qualified retirement plan. In 2022, she had an AGI of $72,000, which was comprised of $68,000 in earned wages and $4,000 in interest and dividends. Given her participation in the qualified plan, what is the highest deduction Lauren can take for the current year for her traditional IRA?In 2022, Miranda records net earnings from self-employment of $102,000. She has no other income. Determine the amount of Miranda's self-employment tax. $15,825.10 $15,606.00 $14,412.14 $11,680.43 $12,325.54 $15,300
- 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.) $57,000In 2022, Nitai (age 40) contributes 10 percent of his $123,000 annual salary to a Roth 401(k) account sponsored by his employer, AY Incorporated. AY Incorporated matches employee contributions to the employee's traditional 401(k) account dollar-for-dollar up to 10 percent of the employee's salary. Nitai expects to earn a 4 percent before-tax rate of return. Assume he leaves the contributions in the Roth 401(k) and traditional 401(k) accounts until he retires in 25 years and that he makes no additional contributions to either account. What are Nitai’s after-tax proceeds from the Roth 401(k) and traditional 401(k) accounts after he receives the distributions, assuming his marginal tax rate at retirement is 30 percent? (Use Table 1, Table 2.) Note: Round your intermediate calculations and final answers to the nearest whole dollar amount.
