1. If Mike were to set up a qualified plan, then who would be eligible for the plan? 2. How much is Mike's pension worth in today's dollars? 3. How much is Mike and Maria's Social Security benefits worth today? 4. Mike wants to set aside $75,000 for Michael's education. If he set aside all of his other cash and investable assets for the purpose of retirement, approximately how much would he need to save every year to fund his retirement? 5. How much is Mike's self-employment tax for 2021 ? 6. How much could Mike contribute for himself in 2021 if he set up a SEP with a 25% contribution? 7. What risks does Mike have that need to be considered? 8. Based on how much Mike needs to save and what you have gathered from the case, what type of retirement plan would you recommend, if any at all? Justify your answer. 9. Assume Mickey dies in June this year and Mike inherits his dad's Exxon stock, which is worth $350,000 at the time of his death. If Mike sells the stock before the end of the year for $400,000, then what are the tax consequences? 10. If Michael were to inherit his granddad's IRA in 2021, how would he comply with the minimum distribution rules? Would it be safe from creditors? 1. If Mike were to set up a qualified plan, then who would be eligible for the plan? 2. How much is Mike's pension worth in today's dollars? 3. How much is Mike and Maria's Social Security benefits worth today? 4. Mike wants to set aside $75,000 for Michael's education. If he set aside all of his other cash and investable assets for the purpose of retirement, approximately how much would he need to save every year to fund his retirement? 5. How much is Mike's self-employment tax for 2021 ? 6. How much could Mike contribute for himself in 2021 if he set up a SEP with a 25% contribution? 7. What risks does Mike have that need to be considered? 8. Based on how much Mike needs to save and what you have gathered from the case, what type of retirement plan would you recommend, if any at all? Justify your answer. 9. Assume Mickey dies in June this year and Mike inherits his dad's Exxon stock, which is worth $350,000 at the time of his death. If Mike sells the stock before the end of the year for $400,000, then what are the tax consequences? 10. If Michael were to inherit his granddad's IRA in 2021, how would he comply with the minimum distribution rules? Would it be safe from creditors