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Travka [436]
2 years ago
8

William is a single writer (age 35) who recently decided that he needs to save more for retirement. His 2019 AGI before the IRA

contribution deduction is $66,000 (all earned income). (Leave no answer blank. Enter zero if applicable.) Problem 13-63 Part b b. If he does participate in an employer-sponsored plan, what is the maximum deductible IRA contribution William can make in 2019?
Business
1 answer:
Paul [167]2 years ago
5 0

Answer:

The maximum contribution is $3,850

Explanation:

The contribution eliminate isn't pertinent if the single citizen under age 50 doesn't take an interest in the business supported arrangement and most extreme measure of $5,500 can be asserted for charge year 2019.  

As Williams takes an interest in the business supported arrangement and he is under age 50, the IRA contribution will eliminate for money above $63,000 up to $73,000.The most extreme breaking point is $5,500 .

Compute the contribution as follows:

[($66,000 - $63,000)  / ($73,000 - $63,000 )] × 100 = 30%,

Thus, 30% contribution will phase out and 70% of maximum limit is allowed. Therefore, maximum contribution is $5,500 x 70%, i.e. $3,850.

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The preparation of the schedule of cash collections from sales for October, November, and December is presented below:

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current month payment      

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                   ($43,500 × 30%)       (43500 ×70%)  

November credit sale                 $14,625                    $34,125

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December credit sale:                                  $16,200  

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Total cash collected         $62,550  $61,325                    $68,325

($14,500 + $35,000 + $13,050)   ($16,250 + $30,450 + $14,625)        ($18,000 + $34,125 + $16,200)

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