The Maximum Tax Deductible Contribution to a Traditional IRA in 2014

question 11

True/False

The maximum tax deductible contribution to a traditional IRA in 2014 is $5,500 ($6,500 for a taxpayer age 50 or over).

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Definitions:

Fixed Costs

Costs that do not vary with the volume of production or sales, such as rent, salaries, and insurance.

Selling Price

The fixed or negotiated amount at which a product or service is sold to customers.

Fixed Costs

Business costs that do not vary with the amount of goods produced or the volume of sales.

Material Cost

The expense incurred to acquire raw materials needed to produce a product or complete a project.