Fred and Irma Are Married with Salaries of $49,000 and $44,000,respectively.Their

question 97

Short Answer

Fred and Irma are married with salaries of $49,000 and $44,000,respectively.Their combined AGI is $105,000.Both are active participant in their companies' qualified pension plans.Determine their maximum combined IRA contribution and deduction amounts?
$\begin{array}{cl}\begin{array}{c}\text { Maximum } \\\underline {\text { Contribution }}\end{array} & \begin{array}{c}\text { Maximum } \\\underline {\text { Deduction }}\end{array} \\a. \$ 5,500 & \$ 2,750 \\b.\$ 11,000 & \$ 2,750 \\c.\$ 11,000 & \$ 5,500 \\d.\$ 11,000 & \$ 7,500 \\e.\$ 11,000 & \$ 11,000\end{array}$

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Definitions:

Surrealists

A group of artists and writers in the 20th century who explored the unconscious mind, aiming to revolutionize human experience and expression through their avant-garde work.

Ernst Weber

A German physician known for his work in psychophysics and establishing Weber's law, which relates to the perception of differences in stimuli.

David Hubel

A neurophysiologist best known for his groundbreaking research on the structure and function of the visual cortex, for which he shared the Nobel Prize in Physiology or Medicine.

Gustav Fechner

A German philosopher, physicist, and experimental psychologist, an early pioneer in experimental psychology and founder of psychophysics.