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These two questions are the same principle but with different numbers. I need both of them answered please. Thank you! Harry elects to contribute to
These two questions are the same principle but with different numbers. I need both of them answered please. Thank you!
Harry elects to contribute to his 401(k) plan. His salary is $15,000 per month. His company matches his contribution to the 401(k) plan up to a maximum of the first $1,000 per month he puts into the account. The IRS limit on employee contributions to 401(k) plans is $19,500. To maximize the company matching funds he receives, while also contributing the IRS maximum, what is the most Harry should elect to contribute to his 401(k) plan each month? $1,445$1,950$1,000$1,625 Sandra has a monthly salary of $12,000. Her company allows her to put as much as 20% of her salary into the company's 401(k) plan. The IRS limit on employee contributions to the 401(k) plan is $20,000 per year. The company offers a generous matching program within the 401(k). Sandra wants to make sure she receives all the matching funds possible. What is the maximum amount she should put into the 401(k) each month, in order to ensure she collects all the company matching funds (while also maximizing her own contributions to the 401(k)) ? $1,000.00 $2,000.00 It makes no difference how much she contributes. $1,666.66 Harry elects to contribute to his 401(k) plan. His salary is $15,000 per month. His company matches his contribution to the 401(k) plan up to a maximum of the first $1,000 per month he puts into the account. The IRS limit on employee contributions to 401(k) plans is $19,500. To maximize the company matching funds he receives, while also contributing the IRS maximum, what is the most Harry should elect to contribute to his 401(k) plan each month? $1,445$1,950$1,000$1,625 Sandra has a monthly salary of $12,000. Her company allows her to put as much as 20% of her salary into the company's 401(k) plan. The IRS limit on employee contributions to the 401(k) plan is $20,000 per year. The company offers a generous matching program within the 401(k). Sandra wants to make sure she receives all the matching funds possible. What is the maximum amount she should put into the 401(k) each month, in order to ensure she collects all the company matching funds (while also maximizing her own contributions to the 401(k)) ? $1,000.00 $2,000.00 It makes no difference how much she contributes. $1,666.66Step by Step Solution
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