FINANCIAL ACCOUNTING
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ISBN: 9781259964947
Author: Libby
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Transcribed Image Text:ek 6: Homework
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Exercise 13-22 (Algorithmic) (LO. 4)
Rafael and Lucy, married taxpayers, each contribute $4,300 to their respective § 401(k) plans offered through their employers. The AGI
reported on the couple's joint return is $48,000. Determine their credit for retirement plan contributions (the Saver's Credit).
Click here to access the "Saver's" Credit Rate and AGI Thresholds Table.
As a result, they may claim a credit for their retirement plan contributions of $
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