1 Apps The Weeknd - Oft. (4) 2017 DMV Tes... (4) Driving license... Texas Department... Question Completion Status: d. 1,2,3, and 4 QUESTION 23 10 Margaret, a 35-year old client who earns $45,000 a year, pays 7.65% of her gross pay in Social Security payroll taxes, and saves 8% of her annual gross income. Assume that Margaret wants to maintain her exact pre-retirement lifestyle. Calculate Margaret's wage replacement ratio using the top down approach (round to the nearest %) and using pre-tax dollars. a. 80% b. 70%. C. 84 d. 90% QUESTION 24 Barry's Graphic Arts Studio sponsors a qualified profit sharing plan. The plan requires employees to complete one year of service and be 21 years old before entering the plan. The plan has two entrance dates per year, January 1st and July 1st. Assuming that today is December 15, 2021 and the Studio has the following employee information, which of the following statements is correct? Employee Barry Age 35 Start Date 1/1/2020 * Apps The Weeknd - Oft. (4) 2017 DMV Tes... (4) Driving license... Texas Department Question Completion Status: 10 QUESTION 24 Barry's Graphic Arts Studio sponsors a qualified profit sharing plan. The plan requires employees to complete one year of service and be 21 years old before entering the plan. The plan has two entrance dates per year, January 1st and July 1st. Assuming that today is December 15, 2021 and the Studio has the foliowing employee Information, which of the following statements is correct? 34 18 Employee Age Start Date Barry 35 1/1/2020 Del 8/1/2020 Karen 24 6/1/2021 Jenn 5/1/2020 a. The qualified plan must provide participants with 100% vesting upon entering the plan because of the eligibility requirements of the plan b. Del has not yet entered the plan. Jenn entered the plan on July 1, 2021. d. Two people have entered the plan. QUESTION 25