George Clausen (age 48) is employed by Kline Company and is paid a salary of $42,640. He
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George Clausen (age 48) is employed by Kline Company and is paid a salary of $42,640. He has just decided to join the company's Simple Retirement Account (IRA form) and has a few questions. Answer the following for Clausen:
a. What is the maximum that he can contribute into this retirement fund? $___________
b. What would be the company’s contribution? $____________
c. What would be his weekly take-home pay with the retirement contribution deducted (married, 2 allowances, wage bracket method, and a 2.3% state income tax on total wages)? $__________
d. What would be his weekly take-home pay without the retirement contribution deduction? $__________
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a Clausens maximum contribution 1150000 b Kline Compa...View the full answer
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