1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
kupik [55]
3 years ago
5

Alicia has been working for JMM Corp. for 33 years. Alicia participates in JMM’s defined benefit plan. Under the plan, for every

year of service for JMM she is to receive 2 percent of the average salary of her three highest years of compensation from JMM. She retired on January 1, 2018. Before retirement, her annual salary was $645,000, $675,000, and $705,000 for 2015, 2016, and 2017. What is the maximum benefit Alicia can receive in 2018?
Business
1 answer:
Svetach [21]3 years ago
6 0

Answer:

Lesser of 618000 and 220000 is $220,000, hence it is the maximum benefit.

Explanation:

Alicia is entitled to receive 66% (33 years × 2% per year) of her average salary for her three highest years of compensation.

The average of Alicia’s three highest years of compensation is:

=(588000+618000+648000)/3

=618000,

so she is entitled to receive =618000*66% =407880 before considering the limitation

But, In general, the annual benefit for a participant under a defined benefit plan cannot exceed the lesser of:

100% of the participant's average compensation for his or her highest 3 consecutive calendar years, or  $220,000 for 2018 .

Lesser of 618000 and 220000 is $220,000, hence it is the maximum benefit.

You might be interested in
A product's ________ identifies the product or brand, describes several things about the product, and promotes the brand.
SCORPION-xisa [38]

Answer: label

Explanation:

Product labels are the piece of material

that are being attached to a product in order for easy identification by consumers in order to know the brand and also to know the contents.

A product's label identifies the product or brand, describes several things about the product, and promotes the brand.

6 0
3 years ago
Simple difinition of organized​
svp [43]

Answer:

Make arrangements or preparations for (an event or activity)

5 0
3 years ago
Select the examples that best represent Architecture and Construction customers. Check all that apply.
Sloan [31]

Answer:

Explanation:

1 5 6

7 0
2 years ago
Read 2 more answers
Knoll, inc. currently sells 15,000 units a month for $50 each, has variable costs of $20 per unit, and fixed costs of $300,000.
Lunna [17]
Cost per unit
(300,000÷15,000)+20=40

Current profit
50×15,000−40×15,000=150,000

Profit change
60×15,000−40×15,000=300,000

units will knoll need to sell for profit to remain the same as before the price change is
(150,000+300,000)÷40=11,250
3 0
3 years ago
Lang Warehouses borrowed $196,401 from a bank and signed a note requiring 7 annual payments of $33,942 beginning one year from t
Snezhnost [94]

Answer:

5%

Explanation:

Internal rate of return is the discount rate that equates the after-tax cash flows from an investment to the amount invested

IRR can be calculated with a financial calculator  

The interest rate implicit in the agreement can be determined by finding the internal rate of return.

Cash flow in year 0 =  $-196,401

Cash flow each year from year 1 to 7 = $33,942

IRR = 5%

To find the IRR using a financial calculator:

1. Input the cash flow values by pressing the CF button. After inputting the value, press enter and the arrow facing a downward direction.

2. After inputting all the cash flows, press the IRR button and then press the compute button.  

5 0
3 years ago
Other questions:
  • How do you juggle being a student and being an entrepreneur?
    15·1 answer
  • A ____ is a product that consists of primarily intangible attributes
    11·1 answer
  • In a response to public outcry over the Internal Revenue Service’s (IRS) extent and abuse of power, the Federal government has d
    8·1 answer
  • When revising a budget, it is important to make choices that allow you to continue<br> money.
    10·1 answer
  • Campbell Transport Company divides its operations into four divisions. A recent income statement for its West Division follows.
    6·1 answer
  • While working on a group project, you notice something does not look right in the presentation. You call a meeting with your tea
    9·1 answer
  • (1 pt) The manager of a large apartment complex knows from experience that 90 units will be occupied if the rent is 420 dollars
    10·1 answer
  • During a severe recession Congress passes legislation to cut taxes, this would be an example of a(n): g
    15·1 answer
  • Materials were requisitioned for use, $28,200, of which $25,000 were direct materials. The entry is:
    5·1 answer
  • Jordan Sales Company (organized as a corporation on April 1, 2014) has completed the accounting cycle for the second year, ended
    7·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!