Ms. Ray is age 46 and single. This year, Mr. Ray's retirement savings included a $2,730 employer contribution to a qualified profit- sharing plan account, and a contribution by Ms. Ray to a traditional IRA. Mr. Ray contributed the maximum allowed. Required: a. Compute Ms. Ray's IRA deduction if current year income includes $54,900 salary. b. Compute Ms. Ray's IRA deduction if current year income includes $71,450 salary. c. Compute Ms. Ray's IRA deduction if current year income includes $71,450 salary and $7.600 dividend income.

Ms. Ray is age 46 and single. This year, Mr. Ray's retirement savings included a $2,730 employer contribution to a qualified profit- sharing plan account, and a contribution by Ms. Ray to a traditional IRA. Mr. Ray contributed the maximum allowed. Required: a. Compute Ms. Ray's IRA deduction if current year income includes $54,900 salary. b. Compute Ms. Ray's IRA deduction if current year income includes $71,450 salary. c. Compute Ms. Ray's IRA deduction if current year income includes $71,450 salary and $7.600 dividend income.

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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