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. Answer the following for Clausen: Round your answer to the nearest cent.
a. What is the maximum that he can contribute into this retirement fund?
$13,000
b. What would be the company's contribution?
$1279.20
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 decimal places.
c. 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)?
Click here to access the Wage-Bracket Method Tables.
$ ????
d. What would be his weekly take-home pay without the retirement contribution deduction?
$694.41
I just need part C i don't understand
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