Sammy,age 31,is Unmarried and Is Not an Active Participant in a Qualified

question 59

Multiple Choice

Sammy,age 31,is unmarried and is not an active participant in a qualified retirement plan.His modified AGI is $55,000 in 2014.The maximum amount that Sammy can deduct for a contribution to a traditional IRA is:

• A)$2,800.
• B)$3,500.
• C)$5,000.
• D)$5,500.
• E)None of these.

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Definitions:

Evaluation Systems

Structured processes used to assess performance, effectiveness, or value of employees, projects, or programs within an organization.

Social Exchange

A theory that suggests human relationships are formed based on a subjective cost-benefit analysis and the comparison of alternatives.

McGregor's Theory Y

A theory of management that assumes employees are self-motivated, seek responsibility, and are creative problem solvers.

Lower-Order Needs

Basic human requirements such as physiological and safety needs that must be satisfied before higher-order needs can be addressed, according to Maslow's hierarchy.