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

question 36

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 2019,the maximum amount together they may contribute to tax deductible IRAs is

• A)$6,000.
• B)$7,000.
• C)$12,000.
• D)$13,000.

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Definitions:

Inventory Turnover

A measure indicating the frequency at which a company's inventory is sold and replenished within a certain timeframe, reflecting the effectiveness of its inventory control.

Gross Profit

The difference between revenue and the cost of goods sold before deduction of overheads, payroll, taxation, and interest payments.

Price-Earnings Ratio

The price-earnings ratio (P/E ratio) is a valuation ratio of a company's current share price compared to its per-share earnings.

Market Price

The present trading value for assets or services within the scope of a commercial market.