Kevin, Single, Is an Employee of the Colonial Company and Is

question 4

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 $62,000. 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.
​

• 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:

Equilibrium Constant

A number that expresses the relationship between the concentrations of products and reactants of a reaction at equilibrium under given conditions.

ΔG°

The standard Gibbs free energy change for a reaction, indicating the spontaneity of the process under standard conditions.

Corresponding K

Often refers to the equilibrium constant of a corresponding reaction, indicative of the position of equilibrium.

ΔG°

The standard Gibbs free energy change, representing the thermodynamic favorability of a reaction at standard conditions.