FIN 360 Grantham University Retirement Planning & Annual Contributions Discussion
Question Description
Set 1
Answer questions from attached Image 1-18
Set 2
Answer each of the following questions and provide your rational for your choice for each one. You will not receive full credit unless you provide your explanation.
- Seth and Morgan were just married, but Seth does not work. They are both 25 years old. Morgan supports Seth with funds from her trust fund, investment income of $12,000, and her part-time earnings of $7,000 this year. If Morgan contributes $6,000 in 2019 to her Roth IRA, how much can Seth contribute to his traditional IRA?
- $0
- $250
- $1,000
- $6,000
- Charles, a single 29-year-old CEO of a technology start-up company, earns a $2 million base salary with a $400,000 bonus. He is not participating in any retirement plans at work. What is the maximum deductible IRA contribution Charles can make during 2019?
- $0
- $1,000
- $5,500
- $6,000
- Marleen, who is 37 years old, is an employee of Zcrypt, Inc. (Zcrypt). Zcrypt sponsors a SEP IRA and would like to contribute the maximum amount to Marleens account for the plan year. If Marleen earns $32,000 per year, what is the maximum contribution Zcrypt can make on her behalf to the SEP IRA?
d.$56,000
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