Ms. Ray is age 46 a
Chapter15: Choice Of Business Entity—other Considerations
Section: Chapter Questions
Problem 51P
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Question
![tes
Ms. Ray is age 46 and single. This year, Mr. Ray's retirement savings included a $2,630 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 $46,100 salary.
b. Compute Ms. Ray's IRA deduction if current year income includes $71,260 salary.
c. Compute Ms. Ray's IRA deduction if current year income includes $71,260 salary and $7,290 dividend income.
Complete this question by entering your answers in the tabs below.
Required A Required B Required C
Compute Ms. Ray's IRA deduction if current year income includes $71,260 salary.
Note: Do not round phase-out percentage. Round other intermediate values to the nearest whole dollar amount.
IRA deduction
$
3,000
< Required A
Required C >](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F8e56a7cb-ae33-4269-90a0-bf543a86343b%2Ff032f0ae-faf5-4364-9094-39017b73bd5b%2Fp18l1df_processed.png&w=3840&q=75)
Transcribed Image Text:tes
Ms. Ray is age 46 and single. This year, Mr. Ray's retirement savings included a $2,630 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 $46,100 salary.
b. Compute Ms. Ray's IRA deduction if current year income includes $71,260 salary.
c. Compute Ms. Ray's IRA deduction if current year income includes $71,260 salary and $7,290 dividend income.
Complete this question by entering your answers in the tabs below.
Required A Required B Required C
Compute Ms. Ray's IRA deduction if current year income includes $71,260 salary.
Note: Do not round phase-out percentage. Round other intermediate values to the nearest whole dollar amount.
IRA deduction
$
3,000
< Required A
Required C >
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