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IIne forlowing information applies to the questions displayed below. ] Matthew ( 4 8 at year - end ) develops cutting - edge technology for
IIne forlowing information applies to the questions displayed below.
Matthew at yearend develops cuttingedge technology for SV Incorporated, located in Silicon Valley. In Matthew participates in SVs money purchase pension plan a defined contribution plan and in his company's plan. Under the money purchase pension plan, SV contributes percent of an employee's salary to a retirement account for the employee up to the amount limited by the tax law. Because it provides the money purchase pension plan, SV does not contribute to the employee's k plan. Matthew would like to maximize his contribution to his account after SV s contribution to the money purchase plan.
Assuming Matthew's annual salary is $
Required:
b What amount will SV contribute to Matthew's money purchase plan?
b What can Matthew contribute to his account in
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