H (Age 50)and W (Age 48)are Married but Only W

question 104

Multiple Choice

H (age 50) and W (age 48) are married but only W is employed.She is not covered by a retirement plan at work.She earns $75,000 during the year and they have combined AGI of $78,000 before any IRA contribution.In 2015,the maximum amount together they may contribute to tax deductible IRAs is

• A)$5,500.
• B)$6,500.
• C)$11,000.
• D)$12,000.

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Definitions:

Vandalism

The act of willfully or maliciously causing damage to property.

Consideration

An essential element in contract law that involves something of value exchanged between parties, which can include money, goods, services, or a promise to act or not act.

Statutes of Limitation

Laws that set the maximum time after an event within which legal proceedings may be initiated.

Reasonable Price

A price that is fair, considering the circumstances of the sale and the market conditions, often used in legal and commercial contexts to determine the fairness of transactions.