Question
Reese earns $140,000. She defers $10,000 into her 401(k) traditional account and $5,000 into her 401(k) Roth account. Which of the following statements is/are true?
Reese earns $140,000. She defers $10,000 into her 401(k) traditional account and $5,000 into her 401(k) Roth account. Which of the following statements is/are true?
1. $130,000 of earnings is subject to FICA.
2. Her W-2 wages subject to Federal income tax equals $125,000.
a. 1 only.
b. 2 only.
c. Both 1 and 2.
d. Neither 1 nor 2.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Biometric And Auditing Issues Addressed In A Throughput Model
Authors: Waymond Rodgers
1st Edition
1617356530, 978-1617356537
