Alicia has been working for JMM Corporation for 35 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 $594,000, $636,000, and $678,000 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
Alicia has been working for JMM Corporation for 35 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 $594,000, $636,000, and $678,000 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
Chapter4: Income Exclusions
Section: Chapter Questions
Problem 36P
Related questions
Question
Denger
Transcribed Image Text:Alicia has been working for JMM Corporation for 35 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 $594,000, $636,000, and
$678,000 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
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 3 steps
Recommended textbooks for you
Individual Income Taxes
Accounting
ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT
Individual Income Taxes
Accounting
ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT