Required information (The following information applies to the questions displayed below.) In 2019, Maggy (34 years old) is an employee of YBU Corp.YBU provides a 401(k) plan for all its employees. According to the terms of the plan, YBU contributes 50 cents for every dollar the employee contributes. The maximum employer contribution under the plan is 15 percent of the employee's salary (if allowed, YBU contributes until the employee has contributed 30 percent of her salary). (Use Exhibit 13-2) a. Maggy worked for YBU Corporation for 32 years before deciding to leave effective July 1, 2019. Maggy's annual salary during this time was $45,000, $52,000, $55,000, and $60,000 (she only received half of her $60,000 2019 salary). Assuming Maggy contributed 8 percent of her salary (including her 2019 salary) to her 401(k) account, what is Maggy's vested account balance when she leaves YBU (exclusive of account earnings)? Assume YBU uses three-year cliff vesting. Vested account balance $ 21,840 Required information [The following information applies to the questions displayed below.] In 2019, Maggy (34 years old) is an employee of YBU Corp. YBU provides a 401(k) plan for all its employees. According to the terms of the plan, YBU contributes 50 cents for every dollar the employee contributes. The maximum employer contribution under the plan is 15 percent of the employee's salary (if allowed, YBU contributes until the employee has contributed 30 percent of her salary). (Use Exhibit 13-2) c. Maggy wants to maximize YBU's contribution to her 401(k) account in 2019. How much should Maggy contribute to her 401(k) account assuming her annual salary is $100,000 (and assuming she works for YBU for the entire year)? Maggy's contribution Required information (The following information applies to the questions displayed below.) In 2019, Maggy (34 years old) is an employee of YBU Corp.YBU provides a 401(k) plan for all its employees. According to the terms of the plan, YBU contributes 50 cents for every dollar the employee contributes. The maximum employer contribution under the plan is 15 percent of the employee's salary (if allowed, YBU contributes until the employee has contributed 30 percent of her salary). (Use Exhibit 13-2) a. Maggy worked for YBU Corporation for 32 years before deciding to leave effective July 1, 2019. Maggy's annual salary during this time was $45,000, $52,000, $55,000, and $60,000 (she only received half of her $60,000 2019 salary). Assuming Maggy contributed 8 percent of her salary (including her 2019 salary) to her 401(k) account, what is Maggy's vested account balance when she leaves YBU (exclusive of account earnings)? Assume YBU uses three-year cliff vesting. Vested account balance $ 21,840 Required information [The following information applies to the questions displayed below.] In 2019, Maggy (34 years old) is an employee of YBU Corp. YBU provides a 401(k) plan for all its employees. According to the terms of the plan, YBU contributes 50 cents for every dollar the employee contributes. The maximum employer contribution under the plan is 15 percent of the employee's salary (if allowed, YBU contributes until the employee has contributed 30 percent of her salary). (Use Exhibit 13-2) c. Maggy wants to maximize YBU's contribution to her 401(k) account in 2019. How much should Maggy contribute to her 401(k) account assuming her annual salary is $100,000 (and assuming she works for YBU for the entire year)? Maggy's contribution
