Joyce, Age 40, and Sam, Age 42, Who Have Been

question 39

Multiple Choice

Joyce, age 40, and Sam, age 42, who have been married for seven years, are both active participants in qualified retirement plans. Their total AGI for 2014 is $120,000. Each is employed and earns a salary of $65,000. What are their combined deductible contributions to traditional IRAs?

• A) $0.
• B) $3,000.
• C) $4,000.
• D) $8,000.
• E) None of the above.

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Definitions:

Perceptual Adaptation

The ability of the body and mind to adjust to sensory distortions or changes, allowing for maintained perception despite alterations in input.

Bottom-Up Processing

A cognitive process that starts with raw sensory data and builds up to higher-level perception and understanding.

Locke

John Locke was an English philosopher and physician, widely regarded as one of the most influential Enlightenment thinkers and commonly known as the "Father of Liberalism."

Kant

Immanuel Kant, an influential philosopher in the history of Western philosophy, known for his work in epistemology, ethics, and aesthetics.