Mark and Cindy Are Married with Salaries of $45,000 and $42,000,respectively.Adjusted

question 50

Short Answer

Mark and Cindy are married with salaries of $45,000 and $42,000,respectively.Adjusted gross income on their jointly filed tax return is $96,000.Both individuals are active participants in employer provided qualified pension plans.What is the maximum amount each person may deduct for AGI with regard to IRA contributions?
$\begin{array}{lll}&\text { Mark } & \text { Cindy } \\\text { a. } & \$ 1,000 & \$ 1,000 \\\text { b. }& \$ 5,225 & \$ 5,225 \\\text { c. } &\$ 3,200 & \$ 3,200 \\\text { d. } &\$-0- & \$-0- \\\text { e. } &\$ 5,500 & \$ 5,500\end{array}$

---

Definitions:

Social Comparison

The tendency to compare and judge one’s abilities, achievements, and behaviors in relation to others.

Self-esteem

An individual's subjective evaluation of their own worth and capabilities.

Social Status

The position or rank of a person or group within the social hierarchy, often influenced by wealth, occupation, or family heritage.

Self-concept

An individual's perception of themselves, encompassing beliefs, feelings, and knowledge about one's abilities, appearance, and social worth.