Ask Question
BusinessBusiness
22 April, 13:05

During 2017, Carl (a single taxpayer) has a salary of $91,500 and interest income of $11,000. Calculate the maximum contribution Carl is allowed for an educational savings account. a. $0 b. $400 c. $1,000 d. $2,000 e. Some other amount

+2
Answers (1)
  1. 22 April, 13:21
    0
    Option a is the answer i. e $0

    Explanation:

    Basically, Mr Carl who has a salary of $91,500 and interest income of $11,000.

    From the US system, one is not allowed or simply put it is not mandatory on you to have a contribution towards your educational savings, IT IS NOT. such action is dependent on individuals volition, it is the individual who has a better plan will think of having a savings for education by way of attending college.

    Moroever, in the US, students are enttled to financial aid to support their education while in college. If financial aid is available for students, then there wont be any need for them to have a savings towards their education.

    Llike I said, having an educaional savings account is depenedent on the individual and his plans towards college. Hence, Mr Carl has no rule or law that says he must have a maximum or minimum in his educational savings account and as such the answer is 0$.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “During 2017, Carl (a single taxpayer) has a salary of $91,500 and interest income of $11,000. Calculate the maximum contribution Carl is ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
Caitlin is a highly motivated sales executive for a company that sells business textbooks. She always strives to create personal relationships with the professors of colleges and universities.
Answers (1)
Lewis Company traded machinery with a book value of $760,000 and a fair value of $720,000. It received in exchange from Timmons Company a machine with a fair value of $800,000. Lewis also paid cash of $80,000 in the exchange.
Answers (1)
An aging of a company's accounts receivable indicates that $8500 are estimated to be uncollectible. If Allowance for Doubtful Accounts has a $2700 credit balance, the adjustment to record bad debts for the period will require a debit to Allowance
Answers (1)
Which of the following interactions is consistent with the law of supply? Select the best answer from the choices provided. A. As the price of a product goes down, the quantity supplied goes up. B.
Answers (2)
A financial analyst determines the yearly research and development investments for 50 blue chip companies. She notes that the distribution is distinctly not bell-shaped.
Answers (1)
New Questions in Business
has sales of $15 million, total assets of $9 million, and total debt of $3.7 million. If the profit margin is 7 percent what is net income? What is ROE? What is ROA?
Answers (1)
The overall variability of a firm's returns depends on the expected return of each individual project, percentage of funds invested in each individual project, and correlation coefficient of returns between the investments.
Answers (1)
Luca writes a daily blog about why people should eat healthy foods and ways to eat healthfully. What are the purposes of his blog? to entertain and advertise to advertise and inform to argue and inform to argue and entertain
Answers (1)
Billy accepted a job at a company that specializes in providing money for short-term retail lending. where did he go to work?
Answers (1)
If using a thermometer that cannot be calibrated by cold or boiling methods, food handlers should check with whom to make sure the thermometer are calibrated correctly?
Answers (1)
Home » Business » During 2017, Carl (a single taxpayer) has a salary of $91,500 and interest income of $11,000. Calculate the maximum contribution Carl is allowed for an educational savings account. a. $0 b. $400 c. $1,000 d. $2,000 e. Some other amount
Sign Up Forgot Password?