Question
george clausen (age 48) is employed by Kline Company and is paid a salary of $42,640. 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 $42,640. He has just decided to join the company's Simple Retirement Account (IRA form) and has a few questions.
A) What is the maximum that he can contribute into this retirement fund?
B) What would be the company's contribution?
C) What would be the weekly take home pay with the retirement contribution deducted (married, 2 allowances, wage bracket method, and 2.3% state income tax on total?
D) What would be his weekly take home pay without the retirement contribution deducted?
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