Joyce, Age 39, and Sam, Age 40, Who Have Been

question 5

Multiple Choice

Joyce, age 39, and Sam, age 40, who have been married for seven years, are both active participants in qualified retirement plans.Their total AGI for 2012 is $120,000.Each is employed and earns a salary of $65,000.What are their combined deductible contributions to traditional IRAs?

• A)$0.
• B)$3,000.
• C)$4,000.
• D)$8,000.
• E)None of the above.

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Definitions:

Exogenous

Originating from outside an organism or system; external factors or influences that are not produced within an organism.

Agonist

An agonist is a chemical or drug that binds to receptors in the brain and causes a stimulatory effect.

Antagonist

A substance that acts against and blocks an action, often referring to a drug that binds to a receptor in a cell and prevents a response in the presence of an agonist.

Synaptic Gap

The tiny space between neurons where neurotransmitters are released, allowing communication between cells.