The Maximum Amount That Can Be Contributed to an IRA

question 34

Multiple Choice

The maximum amount that can be contributed to an IRA is:

• A) 2% of your salary or $4,000, whichever is less
• B) $3,000 in 2012, and $5,000 after 2012
• C) $5,000 in 2012
• D) $6,000 in 2012, and then it increases $500 per year through 2020

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Definitions:

Porcelain

Extremely fine, hard, white ceramic. Unlike stoneware, porcelain is made from a fine white clay called kaolin mixed with ground petuntse, a type of feldspar. True porcelain is translucent and rings when struck.

Terracotta

A type of earthenware clay used in pottery and sculpture, characterized by its brownish-orange color after firing.

Earthenware

Pottery made of clay that is fired at low temperatures and is slightly porous. Also, clay figurines and statues produced in the same manner.

True View Painting

A genre of art particularly associated with Korean landscapes that emphasizes accurately capturing and portraying natural scenery.