B3. Problem 9-32 (LO. 6)Amber's employer, Lavender, Inc., uses a § 401(k) plan that permits salary deferral elections by its employees. Amber'ssalary is $99,000, and her marginal tax rate is 24% and she is 42 years old.a. What is the maximum amount Amber can elect for salary deferral treatment for 2022?19,500 XFeedbackCheck My WorkA § 401(k) plan is offered by many businesses to provide retirement assets for their employees. The plans are popular and make up about 20percent of all retirement assets. Both employers and employees can contribute to a § 401(k) plan.b. If Amber elects salary deferral treatment for the above amount, how much can she save in Federal income taxes?Her tax liability for 2022 would be reduced by $FeedbackCheck My WorkIncorrectc. What is the recommended amount that Amber should elect as salary deferral treatment for 2022, considering only the Federal incometax effects?19,500 X.4,680 X.Show Transcribed Text

The amount of salary deferrals you can contribute to retirement plans is…

Answered: Amber's employer, Lavender, Inc., uses…

Business

Accounting

Amber's employer, Lavender, Inc., uses 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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Question

B3.

Problem 9-32 (LO. 6)
Amber's employer, Lavender, Inc., uses a § 401(k) plan that permits salary deferral elections by its employees. Amber's
salary is $99,000, and her marginal tax rate is 24% and she is 42 years old.
a. What is the maximum amount Amber can elect for salary deferral treatment for 2022?
19,500 X
Feedback
Check My Work
A § 401(k) plan is offered by many businesses to provide retirement assets for their employees. The plans are popular and make up about 20
percent of all retirement assets. Both employers and employees can contribute to a § 401(k) plan.
b. If Amber elects salary deferral treatment for the above amount, how much can she save in Federal income taxes?
Her tax liability for 2022 would be reduced by $
Feedback
Check My Work
Incorrect
c. What is the recommended amount that Amber should elect as salary deferral treatment for 2022, considering only the Federal income
tax effects?
19,500 X.
4,680 X.
Show Transcribed Text

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