Example $4-2$

Carl Jamison, an employee for the Scharman School, belongs to a tax$-$deferred retirement plan to which he contributes $3\%$ of his pay which is matched by the school. His biweekly pay is $$2,500.$ Because of the deferral $)=($$$75,$ $$2,425$ is subject to federal income tax withholding. form$)$ and has a few questions. Answer the following for Montgomery: Round your answer to the nearest cent.

a$.$ What is the maximum that she can contribute into this retirement fund?

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b$.$ What would be the company's contribution?

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d$.$ What would be her weekly take$-$home pay without the retirement contribution deduction?