Mina, who is single, would like to contribute $6,500 to her Roth IRA. Her AGI is $144,000 What is the maximum amount that Mina can contribute to the plan this year?
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- Mina, who is single, would like to contribute $6,000 to her Roth IRA. Her AGI is $130,000. What is the maximum amount that Mina can contribute?Meredith, who is single, would like to contribute $6,000 annually to her Roth IRA. Her AGI is $125,000. 1. What is the maximum amount that Meredith can contribute? Show your calculations using Microsoft Excel. 2. Assume that Meredith’s AGI is $100,000. She plans to put $6,000 each year into her Roth IRA, hoping to earn 6% annually. What future value will accumulate in her Roth at the end of 20 years? 3. In part (b), instead assume that Meredith puts the $6,000 into the Roth for 15 years at 6%. How much will accumulate at the end of this period?Mina, who is single, would like to contribute $6,000 to her Roth IRA. Her AGI is $130,000. What is the maximum amount that Mina can contribute? Show your answer in Microsoft Excel.
- An individual is considering contributing $4,000 per year to either a traditional or a Roth IRA. Payments would begin in one year. If she uses the traditional IRA, her contributions would be fully deductible. She is 40-years old and is in a 28 percent tax bracket. On either IRA she can earn 7 percent. When she retires at age 65, she believes she will be in a 15 percent tax bracket. She invests not only the $4,000 per year, but any tax savings due to the deductibility of her contributions in a taxable investment earning a pretax rate of 7 percent. She will withdraw all her money upon retirement and may owe taxes then, depending on the type of IRA chosen. What is the after-tax future value of the traditional IRA including the invested tax deductions? Group of answer choices $237,545.47 $268,796.81 $215,046.73 $245,384.26 $252,996.15Meredith, who is single, would like to contribute $6,000 to her Roth IRA. What is the maximum amount that Meredith can contribute if her AGI is $123,400? If required, round any division to four decimal places and round your final answer to the nearest dollar. What is the maximum amount that Meredith can contribute?Marleen, who is 37 years old, is an employee of Zcrypt, Inc. (Zcrypt). Zcrypt sponsors a SEP IRA and would like to contribute the maximum amount to Marleen’s account for the plan year. If Marleen earns $32,000 per year, what is the maximum contribution Zcrypt can make on her behalf to the SEP IRA? $8,000 $19,000 $32,000 $56,000 Explanation:
- Asha feels she needs $45,000 per year in retirement. If she receives $30,000 a year from Social Security , at what interest rate must Asha invest her $25,000 of savings for her total income to be at least $45,000 per yearKristine, who is 45 years old, is an employee of Squaresoft, Inc. Squaresoft sponsors a SEP IRA and would like to contribute the maximum amount to Kristine's account for the plan year. If Marleen earns $100,000 per year, what is the maximum contribution Squaresoft can make on her behalf to the SEP IRA? $18,500 $25,000 $55,000 $5,500Carrie, age 55, is an employee of Rocket, Inc. (Rocket). Rocket sponsors a SEP IRA and would like to contribute the maximum amount to Carrie’s account for the plan year. If Carrie earns $14,000 per year from Rocket, what is the maximum contribution Rocket can make on her behalf to the SEP IRA? a. $3,500. b. $14,000. c. $19,500. d. $57,000.
- Daniel knows that he can withdraw up to a maximum of $35,000 from his Registered Retirement Savings Plan (RRSP) under the Home Buyers Plan (HBP). He knows that he has to pay at least 1/15th of the amount that he borrows. Danieľ's RRSP market value is $45,680 on the day that he decides to withdraw $25,700 under the HBP for the down payment on his new home. What is the minimum annual amount that Daniel must repay to his RRSP on the amount he withdraws from the HBP? A $3,045.33 В $2,333.33 $5,000.00 D $1,713.33 E $3,433.33Jessie is thinking of establishing a fund for his daughter’s college education. He wants his daughter to be able to withdraw P60,000from the fund on her 18th birthday, again on her 19th birthday, again on her 20th birthday, up to her 23rd birthday. If the fund earns interest at 12% per year compounded annually, how much should Jessie deposit at the end of each year, fromthe time his daughter reaches 5 years old up to her 17th birthday?Rose is planning to adopt a charity foundation once she receives her money. She promised to donate annually to her chosen Charity Foundation to support the needs of the foster kids. The foundation will receive $l0,000 for the first six years, $12,000 for the next five years and $15,000 for each year thereafter. The donation will start one year after she receives her money allotment. If the fund earns 7.0% interest, what is the amount of the donation? Please include cashflow diagram and full formulas.