QUESTION 7 Sherry, age 34, participates in a defined contribution plan. The plan uses 5-year cliff vesting She has worked at her employer for 3 years. In total, she has made employee contributions of $30,000. Her employer has matched 70% and made an additional $21,000 cont ribution. Sherry decides to close the plan and fully withdraw everything. How much does Sherry's tax increase due to this withdrawal? She is in the 24% marginal tax bracket $17,340 $12,240 $7,200 $10,200 QUESTIONS Ellen, age 48, is a single taxpayer. She is self-employed. She has business profit of $50,000. She wants to make the maximum contribution to her SEP IRA. How much can she contribute? $9,294 $8,587 $10,000 $9,235