In 2022, LeSean (age 51 and single) has earned income of $3,000. He also has $30,000 of unearned (capital gain) income. oblem 13-67 Part c (Static) f he does not participate in an employer-sponsored plan, what is the maximum deductible IRA contribution LeSean can make 22 if he has earned income of $10,000?
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- LO.2 For calendar year 2019, Jean was a self-employed consultant with no employees. She had 80,000 of net profit from consulting and paid 7,000 in medical insurance premiums on her policy covering 2019. How much of these premiums may Jean deduct as a deduction for AGI? How much may she deduct as an itemized deduction (subject to the AGI floor)?Darrell is an employee of Whitneys. During the current year, Darrells salary is 136,000. Whitneys net self-employment income is also 136,000. Calculate the Social Security and self-employment taxes paid by Darrell and Whitney. Write a letter to Whitney in which you state how much she will have to pay in Social Security and self-employment taxes and why she owes those amounts.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 amount
- Problem 13-67 (LO 13-4) (Algo) (The following information applies to the questions displayed below.] In 2023, LeSean (age 54 and single) has earned income of $3,600. He also has $32,200 of unearned (capital gain) income. Problem 13-67 part a (Algo) a. If he does not participate in an employer-sponsored plan, what is the maximum deductible IRA contribution LeSean can make in 20237 Maximum deductible IRA contributionRequired information [The following information applies to the questions displayed below.] In 2022, LeSean (age 60 and single) has earned Income of $3,600. He also has $35,800 of unearned (capital gain Income. a. If he does not participate in an employer-sponsored plan, what is the maximum deductible IRA contribution LeSean can make in 2022? Maximum deductible IRA contnbutionRequired information [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
- Required information [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.) c. Assume he does participate in an employer-sponsored plan, and his AGI before the IRA contribution deduction is $77,000. What is the maximum deductible IRA contribution William can make in 2021? Maximum deductible IRA contributionExercise 19-14 (Algorithmic) (LO. 5) Zack, a sole proprietor, has earned income of $36,145 in 2022 (after the deduction for one-half of self-employment tax). What is the maximum contribution Zack may make to a defined contribution Keogh plan? 58,000 XRequired information [The following information applies to the questions displayed below.] In 2023, Susan (44 years old) is a highly successful architect and is covered by an employee-sponsored plan. Her husband, Dan (47 years old), however, is a Ph.D. student and unemployed. Compute the maximum deductible IRA contribution for each spouse in the following alternative situations. Note: Leave no answers blank. Enter zero if applicable. d. Susan's salary and her AGI before the IRA contribution deduction is $85,000. Dan reports $5,000 of AGI before the IRA contribution deduction (earned income). The couple files separate tax returns. Maximum deductible IRA contribution Susan Dan
- Required information [The following information applies to the questions displayed below.] In 2023, Susan (44 years old) is a highly successful architect and is covered by an employee-sponsored plan. Her husband, Dan (47 years old), however, is a Ph.D. student and unemployed. Compute the maximum deductible IRA contribution for each spouse in the following alternative situations. Note: Leave no answers blank. Enter zero if applicable. a. Susan's salary and the couple's AGI before any IRA contribution deductions is $224,000. The couple files a joint tax return. Answer is complete but not entirely correct. Maximum deductible IRA contribution $ Susan 0 $ Dan 2,400Required information Problem 13-85 (LO 13-5) (Algo) [The following information applies to the questions displayed below.] Rita is a self-employed taxpayer who turns 39 years old at the end of the year (2023). In 2023, her net Schedule C income was $280,000. This was her only source of income. This year, Rita is considering setting up a retirement plan. What is the maximum amount Rita may contribute to the self-employed plan in each of the following situations? Note: Round your intermediate calculations and final answers to the nearest whole dollar amount. Problem 13-85 Part a (Algo) a. She sets up a SEP IRA. Maximum contribution.Required information Problem 13-85 (LO 13-5) (Algo) [The following information applies to the questions displayed below.] Rita is a self-employed taxpayer who turns 39 years old at the end of the year (2023). In 2023, her net Schedule C income was $270,000. This was her only source of income. This year, Rita is considering setting up a retirement plan. What is the maximum amount Rita may contribute to the self-employed plan in each of the following situations? Note: Round your intermediate calculations and final answers to the nearest whole dollar amount. Problem 13-85 Part b (Algo) b. She sets up an individual 401(k). Maximum contribution