Question
Shaun works for ABC Company. His total compensation for 2018 was $400,000. ABC Company has a profit sharing plan with a contribution that is integrated
Shaun works for ABC Company. His total compensation for 2018 was $400,000. ABC Company has a profit sharing plan with a contribution that is integrated with social security. The integrated profit sharing formula has a base contribution of 5%, uses the current social security taxable wage base as the integrated level, and uses the maximum excess percentage. What is the excess percentage that will be applied to Shaun’s compensation above the integration level?
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South Western Federal Taxation Individual Income Taxes 2017
Authors: William H. Hoffman, David M. Maloney, William A. Raabe, James C. Young, Nellen
40th Edition
1337074748, 130587398X, 9781337074742, 978-1305873988
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