Question
Jerry is a participant in Tidwell Inc's defined contribution plan. Jerry's Salary = $180,000 Tidwell Inc.'s base contribution rate is 8% up to the Social
Jerry is a participant in Tidwell Inc's defined contribution plan.
Jerry's Salary = $180,000
Tidwell Inc.'s base contribution rate is 8% up to the Social Security wage base and it uses the maximum excess contribution rate for wages in excess of the Social Security wage base.
2023 Social Security wage base is $160,200
What is the contribution for Jerry in 2023?
A. $13,944.60
B. $12,816
C. $15,528.60
D. $14,400
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A Practical Guide To UK Accounting And Auditing Standards
Authors: Steve Collings
1st Edition
152650331X, 9781526503312
