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George Clausen (age 48) is employed by Kline Company and is paid a salary of $43,056. He has just decided to join the company's Simple Retirement Account (IRA form) and has a few questions. Answer the following for Clausen:

a. What is the maximum that he can contribute into this retirement fund?

b. What would be the company's contribution? Round your answer to the nearest cent

c. What would be his weekly take-home pay if he contributes the maximum allowed retirement contribution (married, 2 allowances, wage-bracket method, and a 2.3% state income tax on total wages)? Round your calculations and answer to the nearest cent.

d. What would be his weekly take-home pay without the retirement contribution deduction? Round your calculations and answer to the nearest cent.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M92593962
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