Mark and Cindy Are Married with Salaries of $45,000 and $42,000,respectively.Adjusted

question 6

Short Answer

Mark and Cindy are married with salaries of $45,000 and $42,000,respectively.Adjusted gross income on their jointly filed tax return is $98,000.Both individuals are active participants in employer provided qualified pension plans.What is the maximum amount each person may deduct for AGI with regard to IRA contributions?
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Definitions:

Table

A structured arrangement of data made up of rows and columns, which is used to organize information in a clear and concise manner.

Clearance Price

A significantly reduced price aimed at quickly selling off product inventory, often to make space for new stock.

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