Tax Consequences of a Defined Contribution Plan 3. In 2019, Sandra (53 years old) is an employee of a company which provides a 401(k) plan for all its employees. The company contributes two dollars for every dollar the employee contributes and will contribute a maximum of 8% of the employee's salary (if the employee contributes 4% of salary and contribution limitation has not been met yet). a. Sandra's salary is $100,000 and she wants to maximize the contributions to her 401(k) account while also maximizing the employer match portion. How much should Maggie contribute to her 401(k) account? (1 point) b. Assume instead that Sandra's salary is $600,000. How much should Sandra contribute to her 401(k) account? (1 point) 4. At the beginning of 2019, Michael retired early at the age of 54. To support himself throughout the year, he withdrew $60,000 out of his traditional 401(k). Assuming his marginal tax rate is 25%, what amount of taxes and penalties must Michael pay related to the distribution? (1 point) 5. Kim has worked for one employer her entire career. While she was working, she participated in the employer's defined contribution plan (traditional 401(k)]. During 2019. Kim retired at the age of 74, and the balance in her defined contribution plan was $2.000.000 as of the end of 2018. What is Kim's minimum required distribution for 2019? See Exhibit 13-3 for the percentage. (1 point)