Kerry Is Single and Has AGI of $25,000 in 2015

question 111

Multiple Choice

Kerry is single and has AGI of $25,000 in 2015.During the year he contributes $5,000 to his Roth IRA.What is the amount of qualified retirement savings contributions credit to which he is entitled?

• A)$200
• B)$400
• C)$800
• D)$1,000

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Definitions:

Date of Sale

The specific day on which a transaction is completed and ownership of goods or assets is transferred.

Date of Payment

The specific day on which a payment is due or processed.

Accounts Receivable

Money owed to a business by its clients or customers for goods or services provided on credit.

Average Collection Period

The average number of days it takes for a business to collect its receivables from customers.