1. Nick, age 53, is single and has AGI of $67,000. He contributes $5,000 to...
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Accounting
1. Nick, age 53, is single and has AGI of $67,000. He contributes $5,000 to his IRA in 2018.
How much can Nick deduct if he is not covered by an employer-sponsored qualified retirement plan?
How much can Nick deduct if he is covered by an employer-sponsored qualified retirement plan?
Who can make a deductible IRA contribution? How much?
2. George has $91,700 in salary from his full-time position and $43,000 in net income in 2018 from his sole proprietorship. What is his self-employment tax? What portion of this can he deduct?
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