LO.4 In 2012, Magenta Corporation paid compensation of $45,300 to the participants in a profit sharing plan.
Question:
LO.4 In 2012, Magenta Corporation paid compensation of $45,300 to the participants in a profit sharing plan. During 2012, Magenta Corporation contributed $13,200 to the plan.
a. Calculate Magenta’s deductible amount for 2012.
b. Calculate the amount of any contribution carryover from 2012.
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