If You Have a Salary of $30,000,an IRA Deduction of $2,000,a

question 7

Multiple Choice

If you have a salary of $30,000,an IRA deduction of $2,000,a standard deduction of $4,400,and a FICA rate of 7.65 percent,how much did you pay in FICA this year?

• A)$1,805
• B)$1,958
• C)$2,142
• D)$2,295

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Definitions:

Traditional Rule

Refers to long-established norms or practices that dictate certain procedures or behaviors, often in legal or societal contexts.

Conditional Gift

A stipulation in which the transfer of an asset, money, or property is subject to fulfilling a specific condition by the receiver.

Incomplete Gift

A gift for which the legal process of transfer has not been entirely finalized or where the donor has retained some control over the gift.

Revoked

The act of officially withdrawing, canceling, or reversing a decision, privilege, or status.