Andrew and Marina Are Married Filing Joint and Have Modified

question 87

Multiple Choice

Andrew and Marina are married filing joint and have modified AGI of $77,500.Andrew made a contribution to a qualified retirement plan of $2,000 during the year.How much is their retirement savings contributions credit?

• A)$0.
• B)$1,000.
• C)$1,250.
• D)$2,500.

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Definitions:

Household Income

The combined gross income of all members of a household, which is used to determine the household's economic status.

Liberal Theories

A set of ideas in political and economic thought emphasizing freedom, democracy, and the importance of individual rights.

Black Poverty

A term referring to the disproportionately high rates of poverty among Black or African American communities.

Human Capital

The accumulation of knowledge and skills that make a worker productive.