Raul and Jenna Are Married and Are Both Working

question 95

Essay

Raul and Jenna are married and are both working.They are both over age 50.Jenna participates in her employer's Sec.401(k)plan and makes the maximum contribution and enjoys a company matching contribution.Raul's employer does not maintain a retirement plan so he would like to save as much as possible in a tax-advantaged manner for retirement.They expect to report $188,000 of AGI for 2016.
a.What is the maximum amount that Raul can contribute to a traditional IRA and how much can he deduct?
b.What is the maximum amount that Raul can contribute to a Roth IRA and how much can he deduct?
c.How could Raul contribute to both the traditional IRA and Roth IRA to maximize current and future tax savings?

Understand the basic principles and policies governing welfare and poverty in the United States.

Distinguish between different systems of social stratification and their characteristics.

Analyze the causes and consequences of poverty.

Recognize the legislative initiatives aimed at addressing poverty and welfare in the U.S.

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Definitions:

Role Differentiation

The process by which a society or group divides and specializes roles based on characteristics such as sex, age, occupation, or skill.

Unity

The state of being united or joined as a whole, especially in a political context.

Social Construction

The theory that many aspects of society, including knowledge, are created through cultural and social practices and not inherently natural or universal.

Reality

Pertains to the state or quality of having existence or substance; the sum of all that is real or existent within a system, as opposed to that which is only imaginary.