An employee with $400,000 compensation participates in her companys retirement plan. The plan provides for a 100

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An employee with $400,000 compensation participates in her company’s retirement plan.

The plan provides for a 100 percent nominal rate for elective employee contributions.

What is the maximum allowable employee and matching employer matching contribution if the plan is a:

a. SIMPLE IRA?

b. SIMPLE 401(k)?

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CCH Federal Taxation Basic Principles 2020

ISBN: 9780808051787

2020 Edition

Authors: Ephraim P. Smith, Philip J. Harmelink, James R. Hasselback

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Question Posted: Feb 27, 2024 03:07 AM

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An employee with $400,000 compensation participates in her companys retirement plan. The plan provides for a 100

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Answer In both SIMPLE IRA and SIMPLE 401k plans there are specific rules and limitations on employee ...View the full answer

CCH Federal Taxation Basic Principles 2020

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