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stepladder [879]
3 years ago
13

During 2018, Jill, age 39, participated in a Section 401(k) plan which provides for maximum employee contributions of 12%. Jill'

s salary was $90,000 for the year. Jill elects to make the maximum contribution. What is Jill's maximum tax-deferred contribution to the plan for the year
Business
1 answer:
maks197457 [2]3 years ago
5 0

Answer:

The correct answer is $10,800.

Explanation:

According to the scenario, the given data are as follows:

Jill's salary = $90,000

Jill's maximum contribution = 12%

So, we can calculate Jill's maximum tax-deferred contribution by using following formula:

Maximum tax-deferred contribution = Jill's salary × Maximum contribution percentage.

= $90,000 × 12%

= $90,000 × 0.12

= $10,800

Hence, Jill's maximum tax-deferred contribution to the plan for the year is $10,800.

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<em> 7*|15 80 | =|105 560|</em>

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<em> 7*|15 80 | =|105 560||40 100| |280 700|HERE'S YOUR ANSWER </em>

<em> 7*|15 80 | =|105 560||40 100| |280 700|HERE'S YOUR ANSWER ◌⑅⃝●♡⋆♡MICKZMINNZ♡⋆♡●⑅◌</em>

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