Sammy,age 31,is Unmarried and Is Not an Active Participant in a Qualified

question 26

Multiple Choice

Sammy,age 31,is unmarried and is not an active participant in a qualified retirement plan.His modified AGI is $55,000 in 2010.The maximum amount that Sammy can deduct for a contribution to a traditional IRA is:

• A)$2,800.
• B)$3,500.
• C)$4,000.
• D)$5,000.
• E)None of the above.

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Definitions:

Long-Term Orientation

The measurement of values such as perseverance, respect for tradition, and thrift.

Perseverance

The steadfast pursuit of an objective or goal, even in the face of difficulties, obstacles, or discouragement.

Standardization

The degree to which employees are expected to follow the same rules and policies everywhere.

Employees

Individuals who are hired by a company or organization to perform specific tasks and duties in exchange for compensation.