a. Maggy worked for YBU Corporation for 3 years before deciding to leave effective July 1, 2023. Maggy's annual salary during this time was $45,000, $52,000, $55,000, and $60,000 (she only received half of her $60,000 2023 salary). Assuming Maggy contributed 8 percent of her salary (including her 2023 salary) to her 401(k) account, what is Maggy's vested account balance when she leaves YBU (exclusive of account earnings)? Assume YBU uses three-year cliff vesting. Answer is complete but not entirely correct. $ 17,472 X Vested account balance
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- During 2019, 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. $0 $400 $1,000 $2,000 Some other amountLinda is an employee of JRH Corporation. Which of the following would be included in Lindas gross income? a. Premiums paid by JRH Corporation for a group term life insurance policy for 50,000 of coverage for Linda. b. 1,000 of tuition paid by JRH Corporation to State University for Lindas masters degree program. c. A 2,000 trip given to Linda by JRH Corporation for meeting sales goals. d. 1,200 paid by JRH Corporation for an annual parking pass for Linda.In 2022, Maggy (34 years old) is an employee of YBU Corp. YBU provides a 401(k) plan for all its employees. According to the terms of the plan, YBU contributes 50 cents for every dollar the employee contributes. The maximum employer contribution under the plan is 15 percent of the employee’s salary (if allowed, YBU contributes until the employee has contributed 30 percent of her salary). (Use Exhibit 13-2) c. Maggy wants to maximize YBU’s contribution to her 401(k) account in 2020. How much should Maggy contribute to her 401(k) account assuming her annual salary is $100,000 (and assuming she works for YBU for the entire year)? d. Maggy wants to maximize YBU’s contribution to her 401(k) account in 2020. Her annual salary is $100,000, and she works for YBU for the entire year. Assume Maggy is 55 years old rather than 34 years old at the end of the year. How much should Maggy contribute to her 401(k) account? c. Maggy wants to maximize YBU’s contribution to her 401(k) account in 2022. How…
- In 2021, Maggy (34 years old) is an employee of YBU Corporated YBU provides a 401(k) plan for all its employees. According to the terms of the plan, YBU contributes 50 cents for every dollar the employee contributes. The maximum employer contribution under the plan is 15 percent of the employee’s salary (if allowed, YBU contributes until the employee has contributed 30 percent of her salary). (Use Exhibit 13-2) a. Maggy worked for YBU Corporation for 3½ years before deciding to leave effective July 1, 2021. Maggy’s annual salary during this time was $45,000, $52,000, $55,000, and $60,000 (she only received half of her $60,000 2021 salary). Assuming Maggy contributed 8 percent of her salary (including her 2021 salary) to her 401(k) account, what is Maggy’s vested account balance when she leaves YBU (exclusive of account earnings)? Assume YBU uses three-year cliff vesting.In 2023, Maggy (34 years old) is an employee of YBU Corporation. YBU provides a 401(k) plan for all its employees. According to the terms of the plan, YBU contributes 50 cents for every dollar the employee contributes. The maximum employer contribution under the plan is 15 percent of the employee's salary (if allowed, YBU contributes until the employee has contributed 30 percent of her salary). c. Maggy wants to maximize YBU's contribution to her 401(k) account in 2023. How much should Maggy contribute to her 401(k) account assuming her annual salary is $100,000 ( and assuming she works for YBU for the entire year)? d. Maggy wants to maximize YBU's contribution to her 401(k) account in 2023. Assume Maggy is 55 years old rather than 34 years old at the end of the year. How much should Maggy contribute to her 401(k) account assuming her annual salary is $100, 000 (and assuming she works for YBU for the entire year)?Kristine, who is 45 years old, is an employee of Squaresoft, Inc. Squaresoft sponsors a SEP IRA and would like to contribute the maximum amount to Kristine's account for the plan year. If Marleen earns $100,000 per year, what is the maximum contribution Squaresoft can make on her behalf to the SEP IRA? $18,500 $25,000 $55,000 $5,500
- Required information [The following information applies to the questions displayed below.] Matthew (48 at year-end) develops cutting-edge technology for SV Inc., located in Silicon Valley. In 2021, Matthew participates in SV's money purchase pension plan (a defined contribution plan) and in his company's 401(k) plan. Under the money purchase pension plan, SV contributes 15 percent of an employee's salary to a retirement account for the employee up to the amount limited by the tax code. Because it provides the money purchase pension plan, SV does not contribute to the employee's 401(k) plan. Matthew would like to maximize his contribution to his 401(k) account after SV's contribution to the money purchase plan. (Leave no answers blank. Enter zero if applicable.) Assuming Matthew's annual salary is $71,000, c-1. What amount will SV contribute to Matthew's money purchase plan? c-2. What amount can Matthew contribute to his 401(k) account in 2021? Complete this question by entering your…Required information [The following information applies to the questions displayed below.] Matthew (48 at year-end) develops cutting-edge technology for SV Inc., located in Silicon Valley. In 2021, Matthew participates in SV's money purchase pension plan (a defined contribution plan) and in his company's 401(k) plan. Under the money purchase pension plan, SV contributes 15 percent of an employee's salary to a retirement account for the employee up to the amount limited by the tax code. Because it provides the money purchase pension plan, SV does not contribute to the employee's 401(k) plan. Matthew would like to maximize his contribution to his 401(k) account after SV's contribution to the money purchase plan. (Leave no answers blank. Enter zero if applicable.) d. Assume Matthew's annual salary is $65,500 and that he is 54 years old at the end of 2021. What amount can Matthew contribute to his 401(k) account in 2021? Matthew's contribution to 401(k) account $ 29,325Required information [The following information applies to the questions displayed below.] In 2023, Susan (44 years old) is a highly successful architect and is covered by an employee-sponsored plan. Her husband, Dan (47 years old), however, is a Ph.D. student and unemployed. Compute the maximum deductible IRA contribution for each spouse in the following alternative situations. Note: Leave no answers blank. Enter zero if applicable. a. Susan's salary and the couple's AGI before any IRA contribution deductions is $224,000. The couple files a joint tax return. Answer is complete but not entirely correct. Maximum deductible IRA contribution $ Susan 0 $ Dan 2,400
- Carrie, age 55, is an employee of Rocket, Inc. (Rocket). Rocket sponsors a SEP IRA and would like to contribute the maximum amount to Carrie’s account for the plan year. If Carrie earns $14,000 per year from Rocket, what is the maximum contribution Rocket can make on her behalf to the SEP IRA? a. $3,500. b. $14,000. c. $19,500. d. $57,000.Required information [The following information applies to the questions displayed below.] In 2023, Susan (44 years old) is a highly successful architect and is covered by an employee-sponsored plan. Her husband, Dan (47 years old), however, is a Ph.D. student and unemployed. Compute the maximum deductible IRA contribution for each spouse in the following alternative situations. Note: Leave no answers blank. Enter zero if applicable. d. Susan's salary and her AGI before the IRA contribution deduction is $85,000. Dan reports $5,000 of AGI before the IRA contribution deduction (earned income). The couple files separate tax returns. Maximum deductible IRA contribution Susan DanSimplified Employee Pensions (LO 5.4) During 2018, Jerry is a self-employed therapist, and his net earned income is $167,000 from his practice. Jerry's SEP Plan, a defined contribution plan, states that he will contribute the maximum amount allowable. Calculate Jerry's contribution.$