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?
$\begin{array}{lll}&\text { Mark } & \text { Cindy } \\\text { a. } & \$ 1,000 & \$ 1,000 \\\text { b. }& \$ 5,225 & \$ 5,225 \\\text { c. } &\$ 3,200 & \$ 3,200 \\\text { d. } &\$-0- & \$-0- \\\text { e. } &\$ 5,500 & \$ 5,500\end{array}$

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Definitions:

Yolk

The nutrient-rich central part of an egg that serves as food for the developing embryo in egg-laying animals.

Cephalocaudal Pattern

A principle of physical growth that states development progresses from the head (cephalo) towards the tail (caudal), meaning children typically gain control over the head, chest, and arm muscles before those of the legs.

Spinal Cord

A long, thin, tubular structure made up of nervous tissue, extending from the brainstem to the lower back, which transmits neural signals between the brain and the rest of the body.

Sensory Systems

The part of the nervous system responsible for processing sensory information, allowing us to experience the world through sight, sound, touch, taste, and smell.