Fred and Flossie Are Married and Their Adjusted Gross Income

question 10

Multiple Choice

Fred and Flossie are married and their adjusted gross income is $189,000.Both Fred and Flossie are active participants in their company's qualified pension plan and have never established an Individual Retirement Account.What is the maximum combined amount they can contribute to Roth IRAs?

• A)$ - 0 -
• B)$ 2,000
• C)$ 5,500
• D)$ 8,000
• E)$11,000

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Definitions:

Part-Time Workers

Individuals employed in positions that require less than the standard full-time hours, often offering flexibility but limited benefits.

Hours a Week

A measure of time spent on activities or work calculated on a weekly basis.

Labor Force

The total number of people who are employed or actively looking for employment in an economy.

Part-time Workers

Refers to employees who work fewer hours than a full-time schedule, typically less than 35-40 hours per week.