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w ok Alicia has been working for JMM Corporated for 34 years. Alicia participates in JMM's defined benefit plan. Under the plan, for every ear
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Alicia has been working for JMM Corporated for 34 years. Alicia participates in JMM's defined benefit plan. Under the plan, for every ear of service for JMM, she is to receive 2 percent of the average salary of her three highest consecutive calendar years of compensation from JMM. She retired on January 1, 2022. Before retirement, her annual salary was $574,000, $606,000, and 5638,000 for 2019,2020 , and 2021. What is the maximum benefit Alicia can receive in 2022 ? Required information [The following information applies to the questions displayed below.] Matthew (48 at year-end) develops cutting-edge technology for SV Incorporated, located in Silicon Valley. In 2022, Matthew participates in SV's money purchase pension plan (a defined contribution plan) and in his company's 401(k) plan. Under the money purchase pension plan, SV contributes 15 percent of an employee's salary to a retirement account for the employee up to the amount limited by the tax law. Because it provides the money purchase pension plan, SV does not contribute to the employee's 401(k) plan. Matthew would like to maximize his contribution to his 401(k) account after SV's contribution to the money purchase plan. Note: Leave no answers blank. Enter zero if applicable. Assuming Matthew's annual salary is $246,300, Required: b-1. What amount will SV contribute to Matthew's money purchase plan? b-2. What can Matthew contribute to his 401(k) account in 2022 ? Complete this question by entering your answers in the tabs below. What amount will SV contribute to Matthew's money purchase plan? What amount of deductions is Bad Dog allowed to daim from these transactions Step by Step Solution
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