2. Matthew (48 at year-end) develops cutting-edge technology for SV Inc., located in Silicon Valley. In...
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2. Matthew (48 at year-end) develops cutting-edge technology for SV Inc., located in Silicon Valley. In 2019, 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 code. 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. (Leave no answer blank. Enter zero if applicable.) Assuming Matthew's annual salary is $422,000, a-1. What amount will SV contribute to Matthew's money purchase plan? a-2. What can Matthew contribute to his 401(k) account in 2019? Complete this question by entering your answers in the tabs below. Req al Req a2 What amount will SV contribute to Matthew's money purchase plan? SV's contribution to money purchase plan Assuming Matthew's annual salary is $273,000, 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 2019? Complete this question by entering your answers in the tabs below. Req b1 Reg b2 What amount will SV contribute to Matthew's money purchase plan? SV's contribution to money purchase plan Assuming Matthew's annual salary is $65,500, c-1. What amount will SV contribute to Matthew's money purchase plan? c-2. What amount can Matthew contribute to his 401(k) account in 2019? Complete this question by entering your answers in the tabs below. Req c1 Req c2 What amount will SV contribute to Matthew's money purchase plan? SV's contribution to money purchase plan d. Assume the same facts as part (c), except that Matthew is 54 years old at the end of 2019. What amount can Matthew contribute to his 401(k) account in 2019? Matthew's contribution to 401(k) account 2. Matthew (48 at year-end) develops cutting-edge technology for SV Inc., located in Silicon Valley. In 2019, 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 code. 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. (Leave no answer blank. Enter zero if applicable.) Assuming Matthew's annual salary is $422,000, a-1. What amount will SV contribute to Matthew's money purchase plan? a-2. What can Matthew contribute to his 401(k) account in 2019? Complete this question by entering your answers in the tabs below. Req al Req a2 What amount will SV contribute to Matthew's money purchase plan? SV's contribution to money purchase plan Assuming Matthew's annual salary is $273,000, 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 2019? Complete this question by entering your answers in the tabs below. Req b1 Reg b2 What amount will SV contribute to Matthew's money purchase plan? SV's contribution to money purchase plan Assuming Matthew's annual salary is $65,500, c-1. What amount will SV contribute to Matthew's money purchase plan? c-2. What amount can Matthew contribute to his 401(k) account in 2019? Complete this question by entering your answers in the tabs below. Req c1 Req c2 What amount will SV contribute to Matthew's money purchase plan? SV's contribution to money purchase plan d. Assume the same facts as part (c), except that Matthew is 54 years old at the end of 2019. What amount can Matthew contribute to his 401(k) account in 2019? Matthew's contribution to 401(k) account
Expert Answer:
Answer rating: 100% (QA)
Generally from tax for 2019 we get to know that Defined contribution maximum limit all sources 56000 ... View the full answer
Related Book For
Taxation of Individuals 2017
ISBN: 9781259548666
8th edition
Authors: Brian Spilker, Benjamin Ayers, John Robinson, Edmund Outslay, Ronald Worsham, John Barrick, Connie Weaver
Posted Date:
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