Tucker (age 52) and Elizabeth (age 48) are a married couple. Tucker is covered under a qualified retirement plan at his job and earned $90,000 in 2018. Elizabeth is employed as a lab technician and earned $30,000 but is not covered under a qualified retirement plan. They file a joint return; have interest and dividend income of $25,000. What is the maximum amount of tax deductible contributions
that may be made to a traditional IRA?
A) $0
B) $11,000
C) $5,500
D) $12,000
C) $5,500
Elizabeth may contribute and deduct $5,500 to a traditional IRA because their AGI is less than $189,000. However, Tucker may not make a deductible contribution because he is covered under a qualified plan and their AGI exceeds $119,000.
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Norwood, Inc purchased a crane at a cost of $80,000 . The crane has an estimated residual value of $5,000 and an estimated life of 8 years, or 12,500 hours of operation. The crane was purchased on January 1, 2016 and was used 2,700 hours in 2016 and 2,600 hours in 2017. Refer to the information for Norwood, Inc, Based on this information, what method of depreciation will produce the maximum
depreciation expense in 2017? a. Straight-line b. Double-declining-balance c. Units-of-production d. All methods produce the same expense in 2017.
Baraban Corporation has provided the following data for its most recent year of operation: Selling price per unit$47 Manufacturing costs: Variable manufacturing cost per unit produced: Direct materials$10Direct labor$6Variable manufacturing overhead$5Fixed manufacturing overhead per year$130,000Selling and administrative expenses: Variable selling and administrative expense per unit sold$5Fixed selling and administrative expense per year$63,000 Units in beginning inventory0Units produced during the year10,000Units sold during the year9,000Units in ending inventory1,000The unit product cost under absorption costing is closest to:
A. $34.00 B. $21.00 C. $13.00 D. $39.00
What is Machine-to-machine (M2M)?
A. A world where interconnected, Internet-enabled devices or "things" can collect and share data without human intervention. B. The extraction of information from data used to predict future trends and identify behavioral patterns. C. Opportunities to change the way people purchase books. D. A series of devices that connect directly to other devices.
Adopting lean practices can?
a. Result in reduced waste b. Result in increased waste c. Result in neither reduced nor increased waste d. Lean practices are unrelated to waste