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George Clausen ( age 4 8 ) is employed by Kline Company and is paid an annual salary of $ 4 2 , 6 4
George Clausen age is employed by Kline Company and is paid an annual salary of $ He has just decided to join the company's Simple Retir Account IRA form and has a few questions. Answer the following for Clausen: Round your answer to the nearest cent.
As we go to press, the federal income tax rates for are being determined by budget talks in Washington, and are not available for publication. For this edition, the federal income tax tables for Manual Systems with Forms W from or Later with Standard Witholding and FICA rates have been used.
a What is the maximum that he can contribute into this retirement fund?
b What would be the company's contribution?
Note: For items c & d below, round interim amounts to two decimal places. Use these values in subsequent computations then round final answer to two de places.
c What would be his weekly takehome if he contributes the maximum allowed retirement contribution married filing jointly, wagebracket method, and a state income tax on total wages
Click here to access the WageBracket Method Tables.
$
d What would be his weekly takehome pay without the retirement contribution deduction?
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