The Maximum Annual Contribution to a Roth IRA for an Unmarried

question 51

True/False

The maximum annual contribution to a Roth IRA for an unmarried taxpayer who is age 35 is the smaller of $5,500 or the individual's compensation for the year in 2018.

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Definitions:

Excise Tax

A tax levied on specific goods, services, or transactions, such as tobacco, alcohol, and fuel, usually to discourage consumption or raise government revenue.

Supply Curve

A graphical representation of the supply schedule, showing the relationship between quantity supplied and price.

Demand Curve

A graphical representation of the demand schedule, showing the relationship between quantity demanded and price.

Equilibrium Quantity

The quantity of a good or service bought and sold at the equilibrium (or market-clearing) price.