The Life and Times of a Short-Order Cook Stan Burgermeister, 56 years old, works as a short-order cook in a local diner. Stan has an annual salary of $32,000. Stan's employer recently set up a 401(k) plan. He may defer up to 15% of his gross salary each year, and his employer will make matching contributions up to 6% per year. This year, Stan agreed to the full 15% salary reduction. Stan also has an IRA balance of $200,000 (from his previous employer's plan that was rolled over) tied up in money market accounts and some publicly traded stock. Based on what you know about Stan, pick one of the following questions, change your subject line, and address the question in your post. Do not try to answer all of the questions in one post. You may instead comment on your classmates' posts too.

1. How much will Stan contribute to the 401(k) plan?
2. How much will his employer contribute as a matching contribution?
3. What amount of compensation will Stan have to pay federal tax on this year? What is the formula?
4. What amount will Stan have to pay in Social Security taxes? What is the formula?
5. If Stan is married, can his nonworking spouse contribute to an IRA? If yes, what type? What IRC sections allow for this?
6. What other retirement planning could Stan pursue? Think outside of the box.