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Mike is a manager with Bay Electronics, and his salary during the year was $160,000. Bay sponsors a profit sharing plan in which the company contributes 7% of the employee’s salary and integrates with Social Security. How much will Bay Electronics be able to contribute into MIke's account, if the Social Security wage base last year was $127,200 and the excess rate is the base rate plus 5.7% (i.e., permitted contribution for maximum disparity)?

$13,069.60

$16,154.40

$15,251.40

$10,773.60

$20,320.00

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M92401710

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