Tyler (Age 50)and Connie (Age 48)are a Married Couple

question 78

Multiple Choice

Tyler (age 50) and Connie (age 48) are a married couple.Tyler is covered under a qualified retirement plan at his job and earned $175,000 in 2015.Connie is employed as a lab technician and earned $30,000 but is not covered under a qualified retirement plan.They file a joint return; have interest and dividend income of $30,000.What is their maximum for AGI deduction for contributions to a traditional IRA?

• A)$0
• B)$5,500
• C)$6,500
• D)$12,000

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Definitions:

Long Run

A period sufficient for all inputs, including physical capital and labor, to be adjusted in the production process.

Industry Supply Curve

A graphical representation that shows the relationship between the price of a good and the total output of the industry over a period of time.

Marginal Cost Curves

Graphs that depict the cost of producing one additional unit of a good or service, typically showing how costs vary with production volume.

Short-run

A time frame in which at least one factor of production is fixed, limiting adjustments to production levels.