Kevin,single,is an Employee of the Colonial Company and Is an Active

question 32

Multiple Choice

Kevin,single,is an employee of the Colonial Company and is an active participant in its pension plan.Kevin's adjusted gross income for the current year is $59,000.Kevin contributes $1,000 to his conventional individual retirement account.Which of the following statements about Kevin contributions and deduction amounts is (are) true?
I.He is allowed to deduct his $1,000 contribution to his conventional IRA.
II.Kevin can also contribute but not deduct $4,500 to his Roth IRA.
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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:

Organizational Structure

The system of tasks, workflows, reporting relationships, and communication channels that directly the activities of an organization.

Skunk Works

A term used to describe a project or operation developed by a highly autonomous and secretive group, aimed at radical innovation.

Structure

Structure refers to the organizational framework or arrangement of components within a system, entity, or written work, often determining its function and performance.

Culture

The shared values, beliefs, behaviors, and symbols within a group of people or organization, shaping its social structure and identity.