Stacy was a stay-at-home mom for most of her adult life. At age 45, she started working outside the home. Each year she earns the maximum number of Social Security credits. Until what age must she work to qualify to receive Social Security benefits when she retires? *
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- Elvira is a self-employed taxpayer who turns 42 years old at the end of the year (2021). In 2021, her net Schedule C income was $130,000. This was her only source of income. This year, Elvira is considering setting up a retirement plan. What is the maximum amount Elvira may contribute to the self-employed plan in each of the following situations? (Round your intermediate calculations and final answers to the nearest whole dollar amount.) a. She sets up a SEP IRA.**Please include self employment deductions in Schedule CElvira is a self-employed taxpayer who turns 42 years old at the end of the year (2021). In 2021, her net Schedule C income was $130,000. This was her only source of income. This year, Elvira is considering setting up a retirement plan. What is the maximum amount Elvira may contribute to the self-employed plan in each of the following situations? (Round your intermediate calculations and final answers to the nearest whole dollar amount.) a. She sets up a SEP IRA.Sylvia lives in the contiguous United States. She earned $14,741 in wages for 2021. She meets the requirements to be a beneficiary of an ABLE account, and one was established for her several years ago. The 2020 federal poverty line for a single person household was $12,760. What is the maximum Sylvia may contribute to her own ABLE account in 2021? (No contributions were made to any retirement plan on Sylvia's behalf this year.) $12,760 $14,741 $15,000 $27,760
- Wendy (single) paid after-tax premiums for a long-term disability plan through her employer. After an illness, she retired in November 2022 at age 62. She elected to delay collecting social security. The disability policy paid $2,800 per month. IF she had no other income for 2023. What would her taxable income be?Mary-Ann is age 60 and plans to retire this year. She and her husband Wayne, age 66 have approached David the CFP to review her payment options from her defined contribution RPP. Wayne is already retired and receives $85,000 in annual indexed pension income which meets her lifestyle needs. They have no savings aside from their pension plans. Wayne wants to have financial flexibility in the event of an unforeseen circumstance, and Mary-Ann wants to ensure that their adult son Jim would receive financial support should they predecease him. Which of the following options would best meet their objectives? Question 11 options: Open a RRSP for Mary-Ann transferring the RPP balance into it Transfer the RPP balance into a LIRA for Mary-Ann Purchase a single life annuity with a 10-year guarantee, naming Jim as contingent beneficiary Select a joint life annuity with a level survivor benefit for WayneIn 2021, Ivanna, who has three children under age 13, worked full-time while her husband, Sergio, was attending college for nine months during the year. Ivanna earned $47,000 and incurred $6,400 of child care expenses. Click here to access the percentage chart to us for this problem. Determine amount of Ivanna and Sergio's child and dependent care credit. 900 X
- Jody is a physician's assistant (not covered by a retirement plan) with a salary of $40,000 from the hospital where she is employed. She supports her husband, Andre, who sells art work and has no earned income. They have no other sources of income. Both are in their twenties. What is the maximum total amount that Jody and Andre may contribute to their traditional IRAs and deduct for the 2021 tax year? a.$12,000 b.$6,000 c.$5,500 d.$11,000 e.None of these choices are correct.Ann is single and works full-time. In 2020, Ann paid child care expenses of $6,000 for someone to care for her dependent child so that she could work. If Ann's AGI is $50,000, what is the amount of her Child and Dependent Care Expense (CDC) Credit? Assume Ann's credit percentage is 20%. Enter your answer as a positive number.Barry, age 68, started taking his Social Security benefits at his FRA of 66. He is receiving Social Security benefits of $30,000 per year. Based upon the earnings limitation rules and assuming Barry had the below income for 2024, how much of his Social Security benefits would the Social Security Administration withhold?