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Part A is already correct. Need the rest Required information Problem 13-54 (LO 13-1) (Algo) [The following information applies to the questions displayed below.] Javier
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Required information Problem 13-54 (LO 13-1) (Algo) [The following information applies to the questions displayed below.] Javier recently graduated and started his career with DNL Incorporated DNL provides a defined benefit plan to all empioyees. According to the terms of the plan, for each full year of service working for the employer, employees recelve a benefit of 1.5 percent of their average salary over their highest three years of compensation from the company Employees may accrue only 30 years of benefit under the plan (45 percent). Determine Javler's annual benefit on retirement, before taxes, under each of the following scenarios (Use Exhibit 13-13) Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollor amount. Leave no answers blank. Enter zero it applicable. Problem 13.54 Part a (Algo) a. Javier works for DNL for thee years and three months before he leaves for another job. Javier's annual salary was $80,000. $90,000,$100,000, and $107,000 for years 1, 2, 3, and 4, respectively. DNL uses a five-year cliff vesting schedule. b. Javler works for DNL for three years and three months before he leaves for another job. Javler's annual salary was $80,000. $90,000,$100,000, and $107,000 for years 1, 2,3, and 4, respectively. DNL uses a seven-year graded vesting schedule. Answer is complete but not entirely correct. c. Javier works for DNL for six years and three monthis before he leaves for another job. Javler's annual salary was $125,000. $135,000,$145,000, and $152,500 for years 4,5,6, and 7 , respectively. DNL uses a five-year cliff vesting schedule: d. Javier works for DNL for Six years and three months before he leaves for another job. Javier's annual salary was $125,000, $135,000,$145,000, and $152,500 for years 4,5,6, and 7 , respectively. DNL uses a seven-year graded vesting schedule. e. Javier works for DNL for 32 years and three months before retiring. Javler's annual salary was $237,500,$247,500,$257,500, and $270,000 for his final four years of employment. Note that in the year he retired, he didn't work for the entire year, so he received only a portion of the annual salary. EXHIBIT 13-1 Defined Benefit Plans Minimum Vesting Schedules* *Percent of employee benefit no longer subject to forfeiture. Source: Internal Revemue Service. "Title 26." www. govinfo.gov. Required information Problem 13-54 (LO 13-1) (Algo) [The following information applies to the questions displayed below.] Javier recently graduated and started his career with DNL Incorporated DNL provides a defined benefit plan to all empioyees. According to the terms of the plan, for each full year of service working for the employer, employees recelve a benefit of 1.5 percent of their average salary over their highest three years of compensation from the company Employees may accrue only 30 years of benefit under the plan (45 percent). Determine Javler's annual benefit on retirement, before taxes, under each of the following scenarios (Use Exhibit 13-13) Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollor amount. Leave no answers blank. Enter zero it applicable. Problem 13.54 Part a (Algo) a. Javier works for DNL for thee years and three months before he leaves for another job. Javier's annual salary was $80,000. $90,000,$100,000, and $107,000 for years 1, 2, 3, and 4, respectively. DNL uses a five-year cliff vesting schedule. b. Javler works for DNL for three years and three months before he leaves for another job. Javler's annual salary was $80,000. $90,000,$100,000, and $107,000 for years 1, 2,3, and 4, respectively. DNL uses a seven-year graded vesting schedule. Answer is complete but not entirely correct. c. Javier works for DNL for six years and three monthis before he leaves for another job. Javler's annual salary was $125,000. $135,000,$145,000, and $152,500 for years 4,5,6, and 7 , respectively. DNL uses a five-year cliff vesting schedule: d. Javier works for DNL for Six years and three months before he leaves for another job. Javier's annual salary was $125,000, $135,000,$145,000, and $152,500 for years 4,5,6, and 7 , respectively. DNL uses a seven-year graded vesting schedule. e. Javier works for DNL for 32 years and three months before retiring. Javler's annual salary was $237,500,$247,500,$257,500, and $270,000 for his final four years of employment. Note that in the year he retired, he didn't work for the entire year, so he received only a portion of the annual salary. EXHIBIT 13-1 Defined Benefit Plans Minimum Vesting Schedules* *Percent of employee benefit no longer subject to forfeiture. Source: Internal Revemue Service. "Title 26." www. govinfo.gov Step by Step Solution
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