Contribution to the ira

Assignment Help Accounting Basics
Reference no: EM13146634

Molly, age 29, is unmarried and is an active participant in a qualified deductible (traditional) IRA plan. Her modified AGI is $61,000 in 2010.

a. Calculate the amount that Molly can contribute to the IRA and the amount she can deduct.

b. Assume instead that molly is participant in a SIMPLE IRA and that her compensation for the year is $61,000. Molly elects to contribute 4% of her compensation to the account. While her employer contributes 3%. What amount will be contributed for 2010? What amount will be vested?

Reference no: EM13146634

Questions Cloud

President correa''s influence in the case : President Correa's influence in the case 2. How does the Exxon vs Valdes case support the Ecuador vs Chevron case?
Find probability exactly three will have mild side effect : In testing a new drug, researchers found that 10% of all patients using it will have a mild side effect. A random sample of 12 patients using the drug is selected. Find the probability that: exactly three will have this mild side effect.
Explain the vapor leaving the top of a distillation : the vapor leaving the top of a distillation column goes to a condenser in which either total or partial condensation takes place.
Significant difference in proportion of adults rated video : Using the .10 level of significance, can we conclude there is a significant difference in the proportion of adults and the proportion of teens who rated the new video?
Contribution to the ira : Molly, age 29, is unmarried and is an active participant in a qualified deductible (traditional) IRA plan. Her modified AGI is $61,000 in 2010. a. Calculate the amount that Molly can contribute to the IRA and the amount she can deduct.
How much does the farmers revenue change : The farmer initially grows 1,057 acres of wheat and 0 acres of corn. Suppose the price of corn increases by $102 per acre harvested and how much does the farmer's revenue change by if she continues to grow wheat even after the price of corn increas..
Can he do this because he is not an appointer : Can he do this because he is not an appointer? No provision under Trusts Act saying a bankrupt can't be a trustee, but they can be removed based on being unfit (s 12(1)(e) or incapable s 12(1)(f) also Miller v Cameron). "B" wanted to resign from ..
Increase in the estimated total contract costs : When there is a significant increase in the estimated total contract costs but the increase does not eliminate all profit on the contract, which of the following is correct?
What is the percent by mass of oxygen in a gaseous mixture : What is the percent by mass of oxygen in a gaseous mixture whose molar composition is 0.500% CO2 and 99.500% air?

Reviews

Write a Review

Accounting Basics Questions & Answers

  Stock price and tax advantage

The Carlton Corporation has $4 million in earnings after taxes and 1 million shares outstanding. The stock trades at a P/E ratio of 20. THE firm has $3 million in excess cash.

  Activity-based costing approach

Using the activity-based costing approach, determine the overhead cost per unit for each product.  Prepare a Schedule of Expected Cash Collections for November and December.    Prepare a Merchandise Purchases Budget for November and December.

  Palm trees to earn a profit

Palms, Inc. wants to sell enough palm trees to earn a profit of $20,000. If the unit sales price is $40, unit variable cost is $22, and total fixed costs are $120,400, how many trees must be sold to earn income of $20,000

  Sommer production budget

Each unit requires 4 poundsof material that costs $6 each. Sommer's production budget should be:

  What are the legal repercussions accounting wise

What happens if a company fails to follow the realization concept or revenue recognition concept and say, records revenue they have not yet earned to hide the fact that they are having a bad year in sale? what are the legal repercussions accountin..

  Determining long term investments

Dogwood City's water enterprise fund received interest of 10,000 on long term investments. How should this amount be reported on the statement of cash flows?

  Problem related to budgeted net income

The Adams Company, a merchandising firm, has budgeted its activity for November according to the following information: The budgeted net income for November is

  Calculate the amount charged to cost of goods sold

Using the FIFO assumption, calculate the amount charged to cost of goods sold for March. (Show computations), Using the LIFO assumption, calculate the value of ending inventory for March

  Question of treasury securities

Suppose that you've a short investment horizon (less than one year). You're considering two investments: a one-year Treasury security and 20-year Treasury security.

  Calculate and journalize the foreign exchange

An error was discovered during 2007. Specifically, depreciation expense was understated in 2005 resulting in the need for a Prior Period Adjustment of $25,000 before taxes.

  Elements of an annual report

What are the optional elements that are often included in an annual report? What are the elements of an annual report that are required by the SEC? Describe the contents of the Management Discussion.

  Journal entry to accrue the employer payroll tax expense

The company is subject to state unemployment taxes at the rate of 2% and federal unemployment taxes at the rate of 0.8%. By May 15, some employees had earned over $7,000, so only $9,000 of the $20,000 weekly gross pay was subject to unemployment t..

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd