1. The annual contribution limit to a 401(k) plan is _____.Answer: A. $6,000 B. $7,000 C. $13,500 D. $19,5002. For an individual who is 45 years of age and has taxable earnings of $27,400, the annual contribution limit to a Payroll Deduction IRA is $_____.Answer: A. $6,000 B. $7,000 C. $5,500 D. $6,5003. Louisa is an employee of Maroon Corp. Louisa files as Married Filing Jointly on her tax return. Over what amount will Maroon Corp. begin to withhold the additional Medicare tax from her earnings?Answer: A. $0 B. $125,000 C. $200,000 D. $250,000

An IRA payroll deduction represents the contribution made from the salary of the employee towards…

Answered: 1. The annual contribution limit to a…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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1. The annual contribution limit to a 401(k) plan is _____.

Answer:

$6,000

$7,000

$13,500

$19,500

2. For an individual who is 45 years of age and has taxable earnings of $27,400, the annual contribution limit to a Payroll Deduction IRA is $_____.

Answer:

$6,000

$7,000

$5,500

$6,500

3. Louisa is an employee of Maroon Corp. Louisa files as Married Filing Jointly on her tax return. Over what amount will Maroon Corp. begin to withhold the additional Medicare tax from her earnings?

Answer:

$125,000

$200,000

$250,000

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