Chi Is Single and an Employee of Federal Company

question 105

Multiple Choice

Chi is single and an employee of Federal Company.Chi's adjusted gross income for the current year is $63,000.Chi would like to make the maximum contribution to his individual retirement account this year.Which of the following statements about Chi's contribution and deduction amounts is (are) true?
I.He is not allowed to make an IRA contribution because his adjusted gross income is greater than $61,000.
II.If Federal Company does not have a qualified pension plan; Chi can contribute and deduct a maximum of $5,500 to his IRA account.
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• A)Only statement I is correct.
• B)Only statement II is correct.
• C)Both statements are correct.
• D)Neither statement is correct.

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Definitions:

Team Building

The process of enhancing the cohesion and functionality of a team through various activities and exercises.

Skill Categories

The classification of skills into groups based on similarities, such as technical, interpersonal, and analytical skills, for the purpose of evaluation and development.

Structural Considerations

Factors related to the organizational, physical, or logical arrangement of a system or enterprise that need to be taken into account when planning or evaluating.

Management Function

The organizational activities of planning, organizing, leading, and controlling to achieve goals efficiently and effectively.