Business, 31.03.2020 00:51 akbogg3893
George Clausen (age 48) is employed by Kline Company and is paid an annual salary of $42,640. He has just decided to join the company's Simple Retirement Account (IRA form) and has a few questions. Answer the following for Clausen: Round your answer to the nearest cent. a. What is the maximum that he can contribute into this retirement fund? $ 13,000.00 b. What would be the company's contribution? $ 1,279.20 Note: For items c. & d. below, round interim amounts to two decimal places. Use these values in subsequent computations then round final answer to two decimal places. c. What would be his weekly take-home if he contributes the maximum allowed retirement contribution (married, 2 allowances, wage-bracket method, and a 2.3% state income tax on total wages)? Click here to access the Wage-Bracket Method Tables. $ 481.30 d. What would be his weekly take-home pay without the retirement contribution deduction?
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George Clausen (age 48) is employed by Kline Company and is paid an annual salary of $42,640. He has...
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