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Author Question: Frank is a self-employed CPA whose 2016 net earnings from his trade or business (before the H.R. 10 ... (Read 57 times)

Haya94

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on: Sep 13, 2020

Question 1

Feng, a single 40 year old lawyer, is covered by a qualified retirement at work.  His salary is $110,000, and his total AGI is $126,000.  The maximum contribution he can make to a Roth IRA in 2016 is
◦ 0.
◦ $3,300.
◦ $2,200.
◦ $5,500.

Question 2

Frank is a self-employed CPA whose 2016 net earnings from his trade or business (before the H.R. 10 plan contribution but after the deduction for one-half of self-employment taxes) is $240,000. What is the maximum contribution that Frank can make on his behalf to his H.R. 10 (Keogh) plan in 2016?
◦ $66,250
◦ $48,000
◦ $53,000
◦ $60,000
Federal Taxation 2017 Individuals ¦ Pope, Rupert, Anderson ¦ 30th Edition
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Marked as best answer by Haya94 on Sep 13, 2020

cswans24

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Reply #1 on: Sep 13, 2020
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Haya94

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Reply 2 on: Sep 13, 2020
Wow, this really help

anyusername12131

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

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