Dana, Age 31 and Unmarried, Is an Active Participant in a Qualified

question 67

Multiple Choice

Dana, age 31 and unmarried, is an active participant in a qualified retirement plan. Her AGI is $122,000. What amount, if any, may Dana contribute to a Roth IRA in 2017?

• A)$0.
• B)$3,225.
• C)$4,033.
• D)$5,500.
• E)None of the above

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Definitions:

Wages

Payments made to employees by employers, typically based on the number of hours worked or a fixed amount for a certain job.

Quantity of Labor

The total hours worked or the number of employees engaged in production within a certain period.

Unit Elastic

A situation where a change in price leads to an equal proportional change in the quantity demanded or supplied.

Price Elasticity

An assessment that depicts how variations in the price of a good affect the quantity of it that consumers want.