T11F-Chp-15-2-HW-Sol-Excel

T11F-Chp-15-2-HW-Sol-Excel - Chapter 15 No. Ans. 1 C

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Chapter 15 566a15775803f0e66c42dee31fdebb138bc7e1cd.xls Page 1 of 1 No. Ans. Chapter 15 1 C Profit Sharing Plan Amount Salary of employee $90,000 Limit 1 25% $22,500 Limit 2-2010 $49,000 Contribution limit $22,500 Sec. 415 (c)(1)(A) 2 C SEP Amount Net self-employment income $70,000 Limit 1 20% $14,000 Limit 2-2010 $49,000 Contribution limit $14,000 Sec. 415 (c)(1)(A) 3 E IRAs -W is Covered Wife Husband 2010 Earned income-H (age 30) $1,800 Earned income-W (age 30) $64,000 Other income $13,700 $65,800 Covered by employer plan? Yes No Phase-out threshold-2010 $89,000 $167,000 Excess above threshold - - Phase-out range 20,000 10,000 Percent: excess/range 0% 0% IRA deduction limit 5,000 5,000 Reduction in limit - - Deduction limit - revised $5,000 $5,000 Deduction for both taxpayers ($10,000) AGI on joint return $55,800 4 E Wife Husband 2010 Earned income-H (age 30) $21,000 Earned income-W (age 30) $28,000 Other income $800 $49,800
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This note was uploaded on 03/09/2012 for the course ACCT 4220 taught by Professor Burton during the Spring '08 term at UNC Charlotte.

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