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

question 46

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 2019.Connie is employed as a lab technician and earned $35,000 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)$6,000
• C)$7,000
• D)$13,000

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Definitions:

Materials Quantity Variance

The variance between the real amount of materials consumed in the production process and what was anticipated, calculated by the standard cost for each unit.

Materials Price Variance

Difference between the actual cost of material and the standard cost multiplied by the amount of material purchased.

Cash Account

An account reflecting the amount of cash a company or individual has available.

Work in Process Inventory

Items that are partially completed during manufacturing, which are not yet ready for sale.