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Required information Problem 13-58 (LO 13-2) (Algo) [The following information applies to the questions displayed below.] Matthew (48 at year-end) develops cutting-edge technology for SV

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Required information Problem 13-58 (LO 13-2) (Algo) [The following information applies to the questions displayed below.] Matthew (48 at year-end) develops cutting-edge technology for SV Incorporated, located in Silicon Valley. In 2022, Matthew participates in SV's money purchase pension plan (a defined contribution plan) and in his company's 401(k) plan. Under the money purchase pension plan, SV contributes 15 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 401(k) plan. Matthew would like to maximize his contribution to his 401(k) account after SV's contribution to the money purchase plan. Note: Leave no answers blank. Enter zero if applicable. Problem 13-58 Part d (Algo) d. Assume Matthew's annual salary is $58,700 and that he is 54 years old at the end of 2022 . What amount can Matthew contribute to his 401(k) account in 2022 ? Required information Problem 13-61 (LO 13-2) (Algo) [The following information applies to the questions displayed below.] Kathleen, age 56, works for MH Incorporated in Dallas, Texas. Kathleen contributes to a Roth 401(k), and MH contributes to a traditional 401(k) on her behalf. Kathleen has contributed $35,760 to her Roth 401(k) over the past six years. The current balance in her Roth 401(k) account is $59,600 and the balance in her traditional 401(k) is $46,400. Kathleen needs cash because she is taking a month of vacation to travel the world. Answer the following questions relating to distributions from Kathleen's retirement accounts assuming her marginal tax rate for ordinary income is 24 percent. Problem 13-61 Part d (Algo) d. If Kathleen retires from MH and then receives a $14,000 distribution from her Roth 401(k), how much will she be able to keep after paying taxes and penalties, if any, on the distribution

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