BJ has a vested account balance in his employer-sponsored qualified money purchase pension plan of $60,000. He has two years of service with his employer and the plan follows the least generous graduated vesting schedule permitted under PPA 2006. If BJ has an outstanding loan balance within the prior 12 months of $15,000, what is the maximum loan BJ could take from this qualified plan, assuming the plan permitted loans? A. 15K B. 30K C. 35K D. 50K
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- During 2019, Carl (a single taxpayer) has a salary of $91,500 and interest income of $11,000. Calculate the maximum contribution Carl is allowed for an educational savings account. $0 $400 $1,000 $2,000 Some other amountKathy has an account balance in her employer’s money purchase pension plan of $1,000. The plan has a 2-6 graded vesting policy. She has been a participant for three and a half years and has worked for the company for five years. Assuming the plan permits loans, what is the maximum loan that Kathy could take from the plan? $20,000 $30,000 $40,000 $50,000Myers, who is single, has compensation income of $66,600 in 2020. He is an active participant in his employer's qualified retirement plan. Myers contributes $6,000 to a traditional IRA. Click here to access Exhibit 19.3 Phaseout of IRA Deduction of an Active Participant. Do not round any division. If required, round your answer to the nearest dollar. Of the $6,000 contribution, how much can Myers deduct? 3,600 X
- A 42-year-old single taxpayer earning a salary of $138,000 a year can make which of the following IRA contributions if he is not covered by a plan at work? a.)$6,000 to either a traditional IRA, a Roth IRA, or a nondeductible IRA b.)$6,000 to either a traditional IRA or a nondeductible IRA, but no contribution is allowed to a Roth IRA c.)$7,000 to either a traditional IRA, a Roth IRA, or a nondeductible IRA d.)$6,000 to a Roth IRA only[The following information applies to the questions displayed below.] William is a single writer (age 35) who recently decided that he needs to save more for retirement. His 2021 AGI before the IRA contribution deduction is $67,000 (all earned income). (Leave no answer blank. Enter zero if applicable.) b. If he does participate in an employer-sponsored plan, what is the maximum deductible IRA contribution William can make in 2021? Maximum deductible IRA contribution.A self-employed person deposits $3,000 annually in a retirement account (called a Keogh or H.R. 10 plan) that earns 8 percent. How much additional money will be in the account if the saver defers retirement until age 70 and continues the contributions?
- For the following scenarios, compute the maximum total deductible contribution to a traditional IRA for 2023. Traditional IRA Contribution 6,000 X a. Juan, age 41, earns a salary of $58,000 and is not an active participant in any other qualified plan. His wife, Agnes, generates no earned income. b. Abby, age 29, reports earned income of $45,000, and her husband, Sam, reports earned income of $4,600. They are not active participants in any other qualified plan. c. Leo's employer makes a contribution of $3,500 to Leo's simplified employee pension plan. Leo is single, he reports earned income of $70,000, and his AGI is $55,000. 10,600 x 6,000 XJacob is a member of his employers defined contribution pension plan. He has pensionable earnings of $110,000 and he contributes 6% of his earnings and his employers will match his 6%. What is Jacob's pension adjustment for the year? Question 5 options: $13,200 $11,000 $6,600 $19,800 Spencer has a RRSP with a balance of $600,000. Unfortunately, Spencer experienced a severe heart attack and died. Spencer was recently divorced and she had not assigned a beneficiary to her RRSP account. She also did not have a current willWhich of the following statements about her RRSP account is correct? Question 2 options: The assets in Spencer's RRSP will be fully included in her income in the year of death The assets in Spencer's RRSP will be included at a rate of 75% in her income in the year of death The assets in Spencer's RRSP will be included at a rate of 50% in her income in the year of death The assets in the RRSP will transfer to Spencer's heirs tax free.What is included on line 1 of 1040 in the following problem? Matthew’s annual salary from The Pour House is $98,000. Matthew’s 2018 bonus was $6,000 (received in 2019). Matthew prticipates in his employer’s group health insurance plan to which he contributed $7,200 in 2019 for medical coverage. These contributions are made with after-tax dollars. The Pour House does not provide any retirement benefits, but it has established a § 401(k) plan to enable its employees to save for retirement. Matthew contributed $19,000 to the plan in 2019. Courtney is a licensed architect who works part time as an architectural consultant. Her professional activity code is 541310. Courtney collected $72,000 in consulting fees during 2019.
- Harriett is age 52, married, and reported AGI of $118,000 in tax year 2023. She is an active participant in her employer's pension plan. What is the maximum deductible IRA contribution she can make for her own account in 2023? Question options: $750 $6,750 $7,500 some other numberPatrick's monthly take-home pay is $5,000. His net worth is $125,000. He estimated that he would receive monthly Social Security benefits worth $1,000 and monthly company disability benefits $2,000 if he becomes disabled. The additional disability benefits that he needs to arrange for equals about O a. $7,000 O b. $2,000 O c. $6,000 O d. $5.000 Qe $3.000During the 2020 FBT year, Penny borrowed $54683 at 2.5% pa interest from her employer. The loan was to exist for the entire FBT year would be used to pay a deposit on an investment property she was buying. Before Penny could make any repayments on the loan, her employer informed her that she did not have to repay the loan. Required: Calculate the FBT payable by her employer.