If Only One Spouse Is Employed,and That Spouse Is Not

question 44

True/False

If only one spouse is employed,and that spouse is not covered under an employer-sponsored retirement plan,then the non-working spouse can make a deductible contribution to his or her own IRA.

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Definitions:

Interest On Capital

The return on investment that is required or anticipated for the money or capital invested in a business or project.

Salary Allowances

Additional compensations over the base salary that may cover various specific needs or expenses.

Net Income

The amount of revenue that remains after subtracting all expenses, taxes, and costs from total sales; a key indicator of financial health.

Salary Allowance

Salary allowance is a fixed amount of money paid to employees in addition to their regular salary, often to cover specific work-related expenses.