Mrs. Vacco participates in her employer's qualified profit-sharing plan. What is the maximum contribution to her retirement
Question:
Mrs. Vacco participates in her employer's qualified profit-sharing plan. What is the maximum contribution to her retirement account, assuming that:
a. Her annual compensation was $38,200?
b. Her annual compensation was $180,000?
Assume the taxable year is 2018.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 81% (11 reviews)
a The maximum contributi...View the full answer
Answered By
Somshukla Chakraborty
I have a teaching experience of more than 4 years by now in diverse subjects like History,Geography,Political Science,Sociology,Business Enterprise,Economics,Environmental Management etc.I teach students from classes 9-12 and undergraduate students.I boards I handle are IB,IGCSE, state boards,ICSE, CBSE.I am passionate about teaching.Full satisfaction of the students is my main goal.
I have completed my graduation and master's in history from Jadavpur University Kolkata,India in 2012 and I have completed my B.Ed from the same University in 2013. I have taught in a reputed school of Kolkata (subjects-History,Geography,Civics,Political Science) from 2014-2016.I worked as a guest lecturer of history in a college of Kolkata for 2 years teaching students of 1st ,2nd and 3rd year. I taught Ancient and Modern Indian history there.I have taught in another school in Mohali,Punjab teaching students from classes 9-12.Presently I am working as an online tutor with concept tutors,Bangalore,India(Carve Niche Pvt.Ltd.) for the last 1year and also have been appointed as an online history tutor by Course Hero(California,U.S) and Vidyalai.com(Chennai,India).
4.00+
2+ Reviews
10+ Question Solved
Related Book For
Principles Of Taxation For Business And Investment Planning 2019 Edition
ISBN: 9781260161472
22nd Edition
Authors: Sally Jones, Shelley C. Rhoades Catanach, Sandra R Callaghan
Question Posted:
Students also viewed these Business questions
-
Penny is 57 years old and she participates in her employer's 401(k) plan. During the year, she contributed $2,000 to her 401(k) account. Penny's AGI is $27,000 after deducting her 401(k)...
-
Penny is 57 years old and she participates in her employer's 401(k) plan. During the year, she contributed $2,000 to her 401(k) account. Penny's AGI is $29,000 after deducting her 401(k)...
-
Marissa participates in her employer's nonqualified deferred compensation plan. For 2016, she is deferring 10 percent of her $320,000 annual salary. Assuming this is her only source of income and her...
-
Ice Cool produces two different models of air conditioners. The activities, costs, and cost drivers associated with the production processes follow. Process Assembly Finishing Support Activity...
-
The wire in Figure 21.37 carries a current of 12 A. Suppose that a second long, straight wire is placed right next to this wire. The current in the second wire is 28 A. Use Ampres law to find the...
-
Barley Hopp, Inc., manufactures custom-ordered commemorative beer steins. Its standard cost information follows: Barley Hopp had the following actual results last year: Number of units produced and...
-
Costs of information: increasing environmental expenditures. Most major corporations are spending in the tens of millions of dollars annually on environmental costs, with the larger ones spending in...
-
Which type of unemployment would be affected with the following changes? Would it go up or down? a. Increased employment benefits b. Heavy snowfall in Minnesota c. Online job search becomes more...
-
Without operations management, there would be no product or service to sell. Explain 3 reasons why it is highly important to study operations management in this dynamic business environment (3%) One...
-
1. What is the public interest? What is the public interest that should be protected by the financial planning profession? 3. Social contract : What is the social contract between the financial...
-
Mr. Evon, who has participated in his employers qualified definedbenefit plan for 38 years, retired in June. What is his maximum annual pension benefit assuming that: a. His average compensation for...
-
Ms. Jost participates in her employer's Section 401(k) plan, which obligates the employer to contribute 25 cents for every dollar that an employee elects to contribute to the plan. This year, Ms....
-
If each element in a data set is multiplied by 3, and each resulting product is then reduced by 4, which of the following expressions gives the mean of the resulting data set in terms of x? A. x B....
-
Formative Exercise Exercise Description: Using concepts, issue, and skills you learnt form the readings, PowerPoints notes, the Business Case provided in the next few slides, to address the questions...
-
Suppose that a random variable is normally distributed with mean = 2 and variance o = 16 (we write X~ N(2, 16)). We will calculate the probability that the random variable takes on a value less than...
-
Given the following account balances before closing entries, what would be the balance for Retained Earnings on the Post - Closing Trial Balance (assuming the beginning Retained Earnings balance is...
-
How do religious institutions function as mechanisms of social control, utilizing doctrines, rituals, and moral guidelines to shape behavior and enforce conformity within religious communities and...
-
Describe the advantages and disadvantages of object-oriented databases. Explain the differences between rational and object-oriented databases. Explain the security features of object-oriented...
-
The business school of Loyola College, Chennai, India, has the capacity to enroll 1,500 business students in its class offerings every semester. Nevertheless, the dean of the college, Fr. Francis...
-
Imagine a sound wave with a frequency of 1.10 kHz propagating with a speed of 330 m/s. Determine the phase difference in radians between any two points on the wave separated by 10.0 cm.
-
Cite two examples of products that you think are currently in each of the product life-cycle stages. Consider services as well as physical goods.
-
Explain how you might reach different conclusions about the correct product life-cycle stage(s) in the worldwide automobile market.
-
Explain why individual brands may not follow the product life-cycle pattern. Give an example of a new brand that is not entering the life cycle at the market introduction stage.
-
Topic: Gene Regulation in Prokaryotes and Genetic Recombination Instructions: 1. Find an article (from anywhere) that has to do with the topic. 2. Compose a short summary of the article and why you...
-
Instructions: Sun Sports Inc. has several kiosks in large and medium-sized shopping centers that They sell various styles of sports hats for men and women, all at the same price. In addition to the...
-
solve log(230x) - log(25) = log(212)
Study smarter with the SolutionInn App