Question: need correct answer! ill rate if its correct Transcribed image text Required inform ation Problem 13-58 (LO 13-2) (Algo) [The fofiowing information applies to the

need correct answer! ill rate if its correct
Required inform ation Problem 13-58 (LO 13-2) (Algo) [The fofiowing information applies
to the questions displayed below.) Matthew (4B at year-end) develops cutting-edge technology

Transcribed image text

Required inform ation Problem 13-58 (LO 13-2) (Algo) [The fofiowing information applies to the questions displayed below.) Matthew (4B at year-end) develops cutting-edge technology for SV Incorporated, located in Silicon Valley. In 2023, Matthew participates imSV'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 IS 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 to maximize his contribution to his 401(k) account after SV's contribution to the money purchase plan. problem 13-58 Part a (Algo) Assuming Motthew's annual salary is $384,000. Requited: What amount will SV contribute to Matthev"s money purchasevlan? a.2. What can Matthew contribute to his 401(k) account in 2023? Complete this question by entering your answers in the tabs below. What amount SV Contribute to Matthew'S money purchase plan?

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