Question
Samantha Montgomery (age 42) is employed by Canon Company and is paid a salary of $62,430. She has just decided to join the company's Simple
Samantha Montgomery (age 42) is employed by Canon Company and is paid a salary of $62,430. She has just decided to join the company's Simple Retirement Account (IRA form) and has a few questions. Answer the following for Montgomery:
a. What is the maximum that she can contribute into this retirement fund? $
b. What would be the company's contribution? Round your answer to the nearest cent. $
c. What would be her weekly take-home pay with the retirement contribution deducted (married, 2 allowances, wage-bracket method, and a 2.3% state income tax on total wages)? Round your calculations and answer to the nearest cent. Click here to access the Wage-Bracket Method Tables. $
d. What would be her weekly take-home pay without the retirement contribution deduction? Round your calculations and answer to the nearest cent. $
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