Feng,a Single 40-Year-Old Lawyer,is Covered by a Qualified Retirement Plan

question 44

Multiple Choice

Feng,a single 40-year-old lawyer,is covered by a qualified retirement plan at work.His salary is $115,000,and his total AGI is $127,000.The maximum contribution he can make to a Roth IRA in 2017 is

• A)0)
• B)$3,300.
• C)$2,200.
• D)$5,500.

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Definitions:

Internal Improvements

Internal improvements refer to public works and infrastructure projects, such as roads, canals, and railroads, financed and constructed by the government to facilitate commerce and communication within a country.

American System

An economic plan advocated by Henry Clay in the early 19th century, emphasizing support for a national bank, high tariffs, and internal improvements to foster national economic growth.

Panic of 1819

The first major financial crisis in the United States, which occurred due to a sudden collapse of the economy, leading to bank failures and unemployment.

European Market

The combined economies of European countries, often referring to the single market in the context of the European Union.