None Alicia has been working for JMM Corp. for 33 years.Alicia participates in JMM's defined benefit plan. Underthe plan, for every year of service for JMM, she is toreceive 2 percent of the average salary of her threehighest consecutive calendar years of compensationfrom JMM. She retired on January 1, 2020. Beforeretirement, her annual salary was $621,000, $651,000,and $681,000 for 2017, 2018, and 2019.What is the maximum benefit Alicia can receive in 2020?

To calculate the **maximum benefit** Alicia can receive in 2020 under JMM Corp's **defined benefit…

Answered: Alicia has been working for JMM Corp.…

Individual Income Taxes

43rd Edition

ISBN:9780357109731

Author:Hoffman

Publisher:Hoffman

Chapter19: Deferred Compensation

Section: Chapter Questions

Problem 33P

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Tia is married and is employed by Carrera Auto Parts. In 2019, Carrera established high-deductible health insurance for all its employees. The plan has a 2,700 deductible for married taxpayers. Carrera also contributes 5 percent of each employees salary to a Health Savings Account. Tias salary is 30,000 in 2019 and 32,000 in 2020. Tia makes the maximum allowable contribution to her HSA in 2019 and 2020. She received 600 from the HSA for her 2019 medical expenses. In 2020, she spends 1,400 on medical expenses from her HSA. The MSA earns 28 in 2019 and 46 in 2020. a. What is the effect of the HSA transactions on Tias adjusted gross income? b. How much does Tia have in her HSA account at the end of 2020?
Zack, a sole proprietor, has earned income of 85,000 in 2019 (after the deduction for one-half of self-employment tax). What is the maximum contribution Zack may make to a defined contribution Keogh plan?
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Freda is a cash basis taxpayer. In 2019, she negotiated her salary for 2020. Her employer offered to pay her 21,000 per month in 2020 for a total of 252,000. Freda countered that she would accept 10,000 each month for the 12 months in 2020 and the remaining 132,000 in January 2021. The employer accepted Fredas terms for 2020 and 2021. a. Did Freda actually or constructively receive 252,000 in 2020? b. What could explain Fredas willingness to spread her salary over a longer period of time? c. In December 2020, after Freda had earned the right to collect the 132,000 in 2020, the employer offered 133,000 to Freda at that time, rather than 132,000 in January 2021. The employer wanted to make the early payment so as to deduct the expense in 2020. Freda rejected the employers offer. Was Freda in constructive receipt of the income in 2020? Explain.
Alicia has been working for JMM Corporated for 32 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 consecutive calendar years of compensation from JMM. She retired on January 1, 2021. Before retirement, her annual salary was $570,000, $600,0o0, and $630,000 for 2018, 2019, and 2020. What is the maximum benefit Alicia can receive in 2021? Maximum benefit in 2021
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 consecutive calendar years of compensation from JMM. She retired on January 1, 2020. Before retirement, her annual salary was $591,000, $621,000, and $651,000 for 2017, 2018, and 2019. What is the maximum benefit Alicia can receive in 2020? Answer is complete but not entirely correct. Maximum benefit in 2020 $ 409,860
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 consecutive calendar years of compensation from JMM. She retired on January 1, 2020. Before retirement, her annual salary was $645,000, $675,000, and $705,000 for 2017, 2018, and 2019. What is the maximum benefit Alicia can receive in 2020? Maximum benefit in 2020
Alicia has been working for JMM Corporated 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 consecutive calendar years of compensation from JMM. She retired on January 1, 2022. Before retirement, her annual salary was $608,000, $657,000, and $706,000 for 2019, 2020, and 2021. What is the maximum benefit Alicia can receive in 2022?
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 consecutive calendar years of compensation from JMM. She retired on January 1, 2020. Before retirement, her annual salary was $588,000, $618,000, and $648,000 for 2017, 2018, and 2019. What is the maximum benefit Alicia can receive in 2020? Maximum benefit in 2020 [$ ] *PER MCGRAW-HILL, THE ANSWER IS NOT $370,800*
Alicia has been working for JMM Corporated for 32 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 consecutive calendar years of compensation from JMM. She retired on January 1, 2022. Before retirement, her annual salary was $570,000, $600,000, and $630,000 for 2019, 2020, and 2021. What is the maximum benefit Alicia can receive in 2022? The answer I keep getting is $245,000 and that is the wrong answer. I am not sure what I am doing wrong. Any help would be appreciated!
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, 2019. Before retirement, her annual salary was $609,000, $639,000, and $669,000 for 2016, 2017, and 2018. What is the maximum benefit Alicia can receive in 2019?
Alicia has been working for JMM Corporation 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 consecutive calendar years of compensation from JMM. She retired on January 1, 2023. Before retirement, her annual salary was $590,000, $630,000, and $670,000 for 2020, 2021, and 2022. What is the maximum benefit Alicia can receive in 2023? Note: Round your final answer to nearest whole dollar amount. Maximum benefit in 2023

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