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George Clausen (age 48) is employed by Kline Company and is paid a salary of $42,536. He has just decided to join the company's Simple
George Clausen (age 48) is employed by Kline Company and is paid a salary of $42,536. He has just decided to join the company's Simple Retirement Account (IRA form) and has a few questions. Answer the following for Clausen:
-What would be his weekly take-home pay if he contributes the maximum allowed retirement contribution (married, 2 allowances, wage-bracket method, and a 2.3% state income tax on total wages)?
-What would be his weekly take-home pay without the retirement contribution deduction?
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