Employees age 50 or over can contribute an additional ________ per year to a 401(k) plan for 2018. Multiple Choice $18...
Employees age 50 or over can contribute an additional ________ per year to a 401(k) plan for 2018.
Multiple Choice
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$18,500
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$6,000
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$1,000
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$6,500
Homework Answers
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Option B is the answer $6000 |
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Employees above the age of 50 can contribute additional 6000 per year to a a 401(k)plan for 2018 Comment if you face any issues Thank you |
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Employees age 50 or over can contribute an additional ________ per year to a 401(k) plan for 2018. Multiple Choice $18...
A 401 (k)-compensation plan slows employees to: A) contribute to a plan only if they are...
A 401 (k)-compensation plan slows employees to: A) contribute to a plan only if they are highly compensated employees. B) contribute to a plan with no option to receive cash. C) either receive amounts as current cash compensation or have them contributed to the plan. D) receive current compensation as cash only.
1. Annual wage: $54,500. If to contribute to company 401(k) plan per biweekly paycheck. What is...
1. Annual wage: $54,500. If to contribute to company 401(k) plan per biweekly paycheck. What is the effect of the pre-tax deduction regarding the contributions listed below, a) $50 per paycheck b) 5% per paycheck Which option is better?
Assume you earn $50,000 annually and your employer offers (a) a flexible spending account to which you can contribute a maximum of $2,000 this year and (b) a 401(k) retirement account to which you may contribute up to $3,000. Your 401(k) contribution will
Assume you earn $50,000 annually and your employer offers (a) a flexible spending account to which you can contribute a maximum of $2,000 this year and (b) a 401(k) retirement account to which you may contribute up to $3,000. Your 401(k) contribution will be matched 50 percent by your employer. Assuming you can only afford to contribute a total of $3,000 to both these benefits, explain what you would do with your $3,000. Write an explanation of your decision and...
Sarina has decided to contribute to a savings program. She can open a traditional 401(k) or...
Sarina has decided to contribute to a savings program. She can open a traditional 401(k) or a Roth 401(k). She has determined that she can afford a $12,000 contribution. Sarina's salary is $58,500 per year, and she is in the 25% tax bracket. Thus, if Sarina decides to go with a traditional 401(k), what is her contribution amount? $ What amount is offset via a reduced tax bill? $ If, instead, she decides to go with a Roth 401(k), what...
Colin owns and operates Colin's Creative Coaching (3C), a sole proprietorship. 3C sponsors a 401(k)/ profit-sharing...
Colin owns and operates Colin's Creative Coaching (3C), a sole proprietorship. 3C sponsors a 401(k)/ profit-sharing plan. Colin had net income of $200,000 and paid self-employment taxes of $20,000 (assumed) during the year. Assuming Colin is over the age of 50, what is the maximum amount that Colin and his company can contribute on his behalf to the plan for 2020? a. $25,000. b. $57,000. c. $63,500. d. $64,000.
Required information Matthew (48 at year-end) develops cutting-edge technology for SV Inc, located in Silicon Valley In 2018, Matthew participates in SV's money purchase pension plan (a de...
Required information Matthew (48 at year-end) develops cutting-edge technology for SV Inc, located in Silicon Valley In 2018, Matthew participates in SV's money purchase pension plan (a defined contribution plan) and in his company's 401(k) plan. Under 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...
MULTIPLE CHOICE PROBLEMS A sample of multiple choice Cultiple choice problems is provided below. Additional multiple...
MULTIPLE CHOICE PROBLEMS A sample of multiple choice Cultiple choice problems is provided below. Additional multiple choice problems mailable at money-education.com by accessing the Student Practice Portal 1. Brandy is a single mom with 2 chil single mom with 2 children, Zach and Wendy. Zach is 14 years old and Wendy is 3 years old d. Brandy has AGI of $50,000. She paid the following expenses for child care thie $300 to Zach to care for Wendy so Brandy could...
Question 2 - Chapter 5 : Calculate the maximum contribution in 2018 for a 52-year-old employee...
Question 2 - Chapter 5 : Calculate the maximum contribution in 2018 for a 52-year-old employee earning $140,000 annually, working in a company with the following retirement plans: (1) a 401(k) with no employer match, and (2) a money-purchase plan with an employer contribution equal to 12% of salary: A. $16,800 B. $18,500 C. $24,500 D. $41,300 E. $55,000 Question 3 - Chapter 5 : Jack and Jill own a successful engineering company, which sponsors a 401(k) plan that...
Keisha (50 years of age) is considering whether to participate in her company's Roth 401(k) or tr...
Keisha (50 years of age) is considering whether to participate in her company's Roth 401(k) or traditional 401(k). This year, she plans to invest either $4,000 in a Roth 401(k) or $5,000 in a traditional 401(k). Keisha plans on leaving the contribution in the retirement account for 20 years when she will receive a distribution of the entire balance in the account. Her employer does not have a matching program for employee contributions to retirement accounts. Assume Keisha can earn...
1) Keisha (50 years of age) is considering whether to participate in her company's Roth 401(k)...
1) Keisha (50 years of age) is considering whether to participate in her company's Roth 401(k) or traditional 401(k). This year, she plans to invest either $4,000 in a Roth 401(k) or $5,000 in a traditional 401(k). Keisha plans on leaving the contribution in the retirement account for 20 years when she will receive a distribution of the entire balance in the account. Her employer does not have a matching program for employee contributions to retirement accounts. Assume Keisha can...
Sarina has decided to contribute to a savings program. She can open a traditional 401(k) or a Roth 401(k). She has determined that she can afford a $12,000 contribution. Sarina's salary is $58,500 per year, and she is in the 25% tax bracket. Thus, if Sarina decides to go with a traditional 401(k), what is her contribution amount? $ What amount is offset via a reduced tax bill? $ If, instead, she decides to go with a Roth 401(k), what...
Colin owns and operates Colin's Creative Coaching (3C), a sole proprietorship. 3C sponsors a 401(k)/ profit-sharing plan. Colin had net income of $200,000 and paid self-employment taxes of $20,000 (assumed) during the year. Assuming Colin is over the age of 50, what is the maximum amount that Colin and his company can contribute on his behalf to the plan for 2020? a. $25,000. b. $57,000. c. $63,500. d. $64,000.
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MULTIPLE CHOICE PROBLEMS A sample of multiple choice Cultiple choice problems is provided below. Additional multiple choice problems mailable at money-education.com by accessing the Student Practice Portal 1. Brandy is a single mom with 2 chil single mom with 2 children, Zach and Wendy. Zach is 14 years old and Wendy is 3 years old d. Brandy has AGI of $50,000. She paid the following expenses for child care thie $300 to Zach to care for Wendy so Brandy could...
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