Question: Sheila earned $ 1 0 0 , 0 0 0 during the year. She elected to defer $ 4 , 0 0 0 of her

Sheila earned $100,000 during the year. She elected to defer $4,000 of her earnings into her employer's 401(k) plan and her employer matched this deferral dollar-for-dollar. In this year, what amount of Sheila's earnings was subject to payroll taxes? a. $92,000. b. $96,000. c. $100,000. d. $104,000.

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