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Carl,age 59,and Cindy,age 49,are married and file a joint return.During the current year,Carl had a salary of $41,000 and Cindy had a salary of $35,000.Both Carl and Cindy are covered by an employer-sponsored pension plan.Their adjusted gross income for the year is $94,000.Determine the maximum IRA contribution and deduction amounts.
Fiscal Policy
The manipulation of economic activity through fiscal policies involving spending and taxation by a government.
Aggregate Demand
The cumulative demand for every service and product in an economic system, measured at an overall given price level for a specific time frame.
Marginal Propensity to Consume
The proportion of an increase in income that an individual or population spends on goods and services as opposed to saving.
MPC
Stands for Marginal Propensity to Consume, which measures the portion of additional income that an individual spends on consumption.
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