What is the maximum IRA contribution that Josh can make under each of the following assumptions? Required: a. Josh is age 20 and single. Josh's only income item is $13,600 interest from a trust fund. b. Josh is age 40 and single. Josh's only income item is a $34,600 share of ordinary income from a partnership. c. Josh is age 60 and single. Josh's only income item is $29,000 wages. d. Josh is age 46 and files a joint return with a spouse. Josh's sole proprietorship generates a $7,390 loss, and the spouse's salary is $49,800. Amount
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- What is the maximum IRA contribution that Josh can make under each of the following assumptions? Required: Josh is age 20 and single. Josh's only income item is $13,200 interest from a trust fund. Josh is age 40 and single. Josh's only income item is a $31,900 share of ordinary income from a partnership. Josh is age 60 and single. Josh's only income item is $24,200 wages. Josh is age 46 and files a joint return with a spouse. Josh's sole proprietorship generates a $7,720 loss, and the spouse's salary is $43,000.Haley (age 48) and Myron (age 51) are married and filing a joint return. Myron has earned income of $42,000 and is not covered by an employer plan. Haley is a homemaker and does not work outside the home. What is the total amount they can deduct for contributions to traditional IRAs for both Haley and Myron? Select one: a. $6,500 b. $11,000 c. $13,000 d. $12,000For the following scenarios, compute the maximum total deductible contribution to a traditional IRA for 2023. Traditional IRA Contribution 6,000 X 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. c. 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. 10,600 x 6,000 X
- Jackson and Ashley Turner (both 45 years old) are married and want to contribute to a Roth IRA for Ashley. In 2023, their AGI is $224,500. Jackson and Ashley each earned half of the income. Note: Leave no answers blank. Enter zero if applicable. Problem 13-73 Part a (Algo) . How much can Ashley contribute to her Roth IRA if they file a joint return? Contribution to Roth IRA $ 1,800! Required information [The following information applies to the questions displayed below.] Jackson and Ashley Turner (both 45 years old) are married and want to contribute to a Roth IRA for Ashley. In 2023, their AGI is $223,000. Jackson and Ashley each earned half of the income. Note: Leave no answers blank. Enter zero if applicable. b. How much can Ashley contribute if she files a separate return? Contribution to Roth IRA $ 0A 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
- Question 27 of 50. Mark and Carrie are married, and they will file a joint return. They both work full-time, and their 2021 income totaled $89,000, all from wages. They have one dependent child, Aubrey (5). During the year, they spent $9,000 for Aubrey's child care. Neither Mark nor Carrie received any dependent care benefits from their employer. What amount may they use to calculate the Child and Dependent Care Credit? $0 $3,000 $8,000 $9,000 Mark for follow upSuppose Alexa has a weekly paycheck with gross earnings of $1,234.00 and is single with no dependents. a. Calculate her Federal Withholding Tax for the pay period using the Wage Bracket Method. b. Find Alexa’s net pay, in addition to all mandatory deductions, she has union dues of $5.00, she has both medical and dental insurances and she has a cafeteria plan contribution of $15.00.Assume that the annuity in part (a) is a tax-deferred IRA belonging to a man whose gross income is $45,000. Use the table on the left to calculate his taxes first with and then without the IRA. Assume the man is single with no dependents, has no tax credits, and takes the standard deduction.
- 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 X5. Maximum Annual Contributions to IRAS. H and W file a joint tax return. W is a lawyer with current-year earned income of $180,000. H works part-time as a land-scape architect and earned $22,000 in the current year. a. Assume that W is an active participant in the firm's qualified profit-sharing plan. How much may W and H contribute to their IRAS for the current year? How much of the contribution is deductible? b. Assume neither H nor W is an active participant in a qualified retirement plan. How does this assumption change your answers to (a) above?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 covered by a plan at work? a.)$6,000 to either a traditional IRA, a Roth IRA, or a nondeductible IRA b.)$6,000 to either a traditional IRA or a nondeductible IRA, but no contribution is allowed to a Roth IRA c.)$7,000 to either a traditional IRA, a Roth IRA, or a nondeductible IRA d.)$6,000 to a Roth IRA only