T11F-Chp-15-2-HW-Sol

T11F-Chp-15-2-HW-Sol -...

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Unformatted text preview: 6648761df9343c292bfeb77005ae09d80e1d4cb9.doc. Page 1 of 1 Name: Home work-Chapter 15. 1 Pam is an employee of Geiger Technology and earns $90,000 in 2010. The maximum amount Geiger can contribute to a profit sharing plan on behalf of Pam is: a. $ 6,000 b. $13,500 c. $22,500 d. $25,000 e. $45,000 C 2 Ann is the sole owner of a computer store and established a simplified employee pension plan (SEP) for herself and her two full-time employees. Her net self-employment income for the year is $70,000. The maximum amount she can contribute to her SEP is a. $ 9,130 b. $10,500 c. $16,500 d. $17,500 e. $46,000 C 3 Ross and Rebba are both in their 30's and they are married. Rebba earns $64,000 annually, and Ross earns $1,800 annually working part time. Their adjusted gross income is $79,500. Rebba participates in an employer-sponsored retirement plan, but Ross does not. Rebba and Ross contribute the maximum amount allowable annually to their IRAs. What is their allowable deduction for this year's contributions?amount allowable annually to their IRAs....
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