Assumed Mr. A turned 70 on March 15, 2022. Please calculate Mr. A’s maximum CPP contribution limit in 2022. Maximum CPP contribution in 2022 is $3,499.80 while CPP rate is 5.7%.
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Assumed Mr. A turned 70 on March 15, 2022. Please calculate Mr. A’s maximum CPP contribution limit in 2022. Maximum CPP contribution in 2022 is $3,499.80 while CPP rate is 5.7%.
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- Please answer my questionSachs Brands's defined benefit pension plan specifies annual retirement benefits equal to 1.3% x service years * final year's salary, payable at the end of each year. Angela Davenport was hired by Sachs at the beginning of 2010 and is expected to retire at the end of 2044 after 35 years' service. Her retirement is expected to span 18 years. Davenport's salary is $87,000 at the end of 2024 and the company's actuary projects her salary to be $265,000 at retirement. The actuary's discount rate is 9%. At the beginning of 2025, changing economic conditions caused the actuary to reassess the applicable discount rate. It was decided that 10% is the appropriate rate. Note: Use tables, Excel, or a financial calculator. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) Required: Calculate the effect of the change in the assumed discount rate on the PBO at the beginning of 2025 with respect to Davenport. Note: Do not round intermediate calculations. Round your final answer to…Assume that Joseph Moore, age 30, begins employment with Carla Vista Corp. on January 1, 2022, at a starting salary of $38,010. It is expected that Joseph will work for Carla Vista for 35 years, retiring on December 31, 2056, when Joseph is 65 years old. If we estimate that Joseph's salary will increase approximately 4%, Joseph's salary at retirement is expected to be $150,000. Assume that mortality tables indicate the life expectancy of someone aged 65 in 2056 is 12 years. The company has the following pension benefit formula: Annual pension benefit on retirement = 2% final salary x years of service. A discount rate of 6% is assumed to be the current yield on high-quality debt instruments. Assume it is now 2024, three years after the defined benefit pension plan for Joseph Moore was initiated. In December 2024, Carla Vista's actuary provided the company with an actuarial revaluation of the plan. The actuary's assumptions included the following changes: Estimated final salary on…
- Sachs Brands's defined benefit pension plan specifies annual retirement benefits equal to 1.2% x service years x final year's salary, payable at the end of each year. Angela Davenport was hired by Sachs at the beginning of 2010 and is expected to retire at the end of 2044 after 35 years' service. Her retirement is expected to span 18 years. Davenport's salary is $95,000 at the end of 2024 and the company's actuary projects her salary to be $305,000 at retirement. The actuary's discount rate is 9%. Note: Use tables, Excel, or a financial calculator. (EV of $1. PV of $1. FVA of $1. PVA of $1. EVAD of $1 and PVAD of $1) At the beginning of 2025, the pension formula was amended to: 1.40% * Service years * Final year's salary The amendment was made retroactive to apply the increased benefits to prior service years. Required: 1. What is the company's prior service cost at the beginning of 2025 with respect to Davenport after the amendment described above? 2. Since the amendment occurred at…Kk111.Required information [The following information applies to the questions displayed below.] Reggie is a self-employed taxpayer who turns 59 years old at the end of the year (2022). In 2022, his net Schedule C income was $260,000. This was his only source of income. This year, Reggie is considering setting up a retirement plan. What is the maximum amount he may contribute to the self-employed plan in each of the following situations? Note: Round your intermediate calculations to the nearest whole dollar amount. b. He sets up an individual 401(k). Maximum contribution $ 65,000
- B had earned income of $80,000 in 2020 and $95,000 in 2021. At the end of 2030 their pension adjustment was $3,000 and their unused trap deduction room was $1,000. What is B's maximum trap dedication in 2021Sachs Brands's defined benefit pension plan specifies annual retirement benefits equal to 1.6% x service years x final year's salary. payable at the end of each year. Angela Davenport was hired by Sachs at the beginning of 2010 and is expected to retire at the end of 2044 after 35 years' service. Her retirement is expected to span 18 years. Davenport's salary is $94,000 at the end of 2024 and the company's actuary projects her salary to be $300,000 at retirement. The actuary's discount rate is 8%. Note: Use tables, Excel, or a financial calculator. (EV of $1. PV of $1. EVA of $1. PVA of $1. EVAD of $1 and PVAD of $1) Required: 1. What is the company's projected benefit obligation at the beginning of 2024 (after 14 years' service) with respect to Davenport? Note: Do not round intermediate calculations. Round your final answer to the nearest whole dollar. 2. Estimate by the projected benefits approach the portion of Davenport's annual retirement payments attributable to 2024 service. 3.…h
- Use the life expectancy table below to answer this question. Greg Brady, age 57, had contributed $31,000 to his employer's pension plan at the time of his retirement on June 30, Year 1. He receives a monthly pension of $800 that started on January 1, Year 2, and will continue until he dies. The amount of his pension reportable as income in Year 2 is: Age of Annuitant on Start Date / # of Payments 55 and under / 360 / 310 / 260 / 210 / 160 56-60 61-65 66-70 71 and over $8,400 O $9,600 O $1,200 O soSachs Brands's defined benefit pension plan specifies annual retirement benefits equal to 1.6% * service years x final year's salary, payable at the end of each year. Angela Davenport was hired by Sachs at the beginning of 2010 and is expected to retire at the end of 2044 after 35 years' service. Her retirement is expected to span 18 years. Davenport's salary is $89,000 at the end of 2024 and the company's actuary projects her salary to be $275,000 at retirement. The actuary's discount rate is 7%. At the beginning of 2025, changing economic conditions caused the actuary to reassess the applicable discount rate. It was decided that 8% is the appropriate rate. Note: Use tables, Excel, or a financial calculator. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) Required: Calculate the effect of the change in the assumed discount rate on the PBO at the beginning of 2025 with respect to Davenport. Note: Do not round intermediate calculations. Round your final answer to…Prince Distribution Incorporated has an unfunded postretirement benefit plan. Medical care and life insurance benefits are provided to employees who render 10 years service and attain age 55 while in service. At the end of 2024, Jim Lukawitz is 31. He was hired by Prince at age 25 (6 years ago) and is expected to retire at age 62. The expected postretirement benefit obligation for Lukawitz at the end of 2024 is $50,000 and $54,000 at the end of 2025. Calculate the accumulated postretirement benefit obligation at the end of 2024 and 2025 and the service cost for 2024 and 2025, as pertaining to Lukawitz. Note: Enter your answers in whole dollar amount. Round your final answers to the nearest whole dollar. APBO Service 2024 ____ _____ 2025 ____ _____
