A quick response will be appreciated ProcedureHand out Student Activity Sheet. Students will need calculators for this activity.Review how to calculate 15% of an income (.15 times income).Review the steps to follow when funding a 401(k) and Roth IRA, located in theworkbook:1. Always take advantage of a match and fund 401(k).2. Above the match, fund Roth IRASS. If there is no match, start with Roth IRAS.3. Complete 15% of income by going back to your 401(k) or other company plans.Students should then complete the investment chart based on the facts given for each situation. Students should firstcompute 15% of the annual salary to get the total annual amount.DirectionsComplete the investment chart based on the facts given for each situation. Assume each person is followingDave's advice of investing 15% of their annual household income. Remember to follow the sequence of contributionsrecommended in the chapter.InvestmentAnnual SalaryCompany Match401(k)Roth IRATotal AnnualInvestmentJoe$40,0001:1 up to 5%Melissa$55,0001:2 up to 6%Tyler & Megan$105,000No MatchAdrian$111,0001:1: up to 3%David & Britney$150,000No MatchBrandon$35,0002:1 up to 6%Chelsea$28,000No MatchJoe will take advantage of the company match (5% of salary) then put the rest in a Roth IRA.Melissa will fund the 401(k) up to the match and put the remainder in her Roth IRA.Tyler and Megan can each fund a Roth IRA then put the remainder in the 401(k). With no match, fund the muai salary to get the total annual amount.DirectionsComplete the investment chart based on the facts given for each situation. Assume each person is followingDave's advice of investing 15% of their annual household income. Remember to follow the sequence of contributionsrecommended in the chapter.InvestmentAnnual SalaryCompany Match 401(k)Total AnnualRoth IRAInvestmentJoe$40,0001:1 up to 5%Melissa$55,0001:2 up to 6%Tyler & Megan$105,000No MatchAdrian$111,0001:1: up to 3%David & Britney$150,000No MatchBrandon$35,0002:1 up to 6%Chelsea$28.000No MatchJoe will take advantage of the company match (5% of salary) then put the rest in a Roth IRA.Melissa will fund the 401(k) up to the match and put the remainder in her Roth IRA.Tyler and Megan can each fund a Roth IRA then put the remainder in the 401(k). With no match, fund theRoth first (based on 2013 contribution of $5,500 per individual).Adrian is not eligible to open a Roth IRA because he makes too much money. He will put his entire 15% into his 401(k).David and Britney are still within the guidelines for a married couple (based on 2013 contribution of $5,500 perindividual). After maxing out the IRA, they will fund the 401(k).Brandon will fund his 401(k) up to the match, and then put the remainder in his Roth IRA.Chelsea will fund her Roth IRA.Text EntryCopy and paste or type your submission right here.

Here discuss about the details of share of annual income to retirement benefit plan either for…

Complete the investment chart based on the facts given for each situation. Assume each person is following Dave's advice of investing 15% of their annual household income. Remember to follow the sequence of contributions recommended in the chapter. Investment Annual Salary Company Match 401(k) Total Annual Roth IRA Investment Joe $40,000 1:1 up to 5% Melissa $55,000 1:2 up to 6% Tyler & Megan $105,000 No Match Adrian $111,000 1:1: up to 3% David & Britney $150,000 No Match Brandon $35,000 2:1 up to 6% Chelsea S28.000

Complete the investment chart based on the facts given for each situation. Assume each person is following Dave's advice of investing 15% of their annual household income. Remember to follow the sequence of contributions recommended in the chapter. Investment Annual Salary Company Match 401(k) Total Annual Roth IRA Investment Joe $40,000 1:1 up to 5% Melissa $55,000 1:2 up to 6% Tyler & Megan $105,000 No Match Adrian $111,000 1:1: up to 3% David & Britney $150,000 No Match Brandon $35,000 2:1 up to 6% Chelsea S28.000

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

A quick response will be appreciated

Procedure
Hand out Student Activity Sheet. Students will need calculators for this activity.
Review how to calculate 15% of an income (.15 times income).
Review the steps to follow when funding a 401(k) and Roth IRA, located in the
workbook:
1. Always take advantage of a match and fund 401(k).
2. Above the match, fund Roth IRASS. If there is no match, start with Roth IRAS.
3. Complete 15% of income by going back to your 401(k) or other company plans.
Students should then complete the investment chart based on the facts given for each situation. Students should first
compute 15% of the annual salary to get the total annual amount.
Directions
Complete the investment chart based on the facts given for each situation. Assume each person is following
Dave's advice of investing 15% of their annual household income. Remember to follow the sequence of contributions
recommended in the chapter.
Investment
Annual Salary
Company Match
401(k)
Roth IRA
Total Annual
Investment
Joe
$40,000
1:1 up to 5%
Melissa
$55,000
1:2 up to 6%
Tyler & Megan
$105,000
No Match
Adrian
$111,000
1:1: up to 3%
David & Britney
$150,000
No Match
Brandon
$35,000
2:1 up to 6%
Chelsea
$28,000
No Match
Joe will take advantage of the company match (5% of salary) then put the rest in a Roth IRA.
Melissa will fund the 401(k) up to the match and put the remainder in her Roth IRA.
Tyler and Megan can each fund a Roth IRA then put the remainder in the 401(k). With no match, fund the

muai salary to get the total annual amount.
Directions
Complete the investment chart based on the facts given for each situation. Assume each person is following
Dave's advice of investing 15% of their annual household income. Remember to follow the sequence of contributions
recommended in the chapter.
Investment
Annual Salary
Company Match 401(k)
Total Annual
Roth IRA
Investment
Joe
$40,000
1:1 up to 5%
Melissa
$55,000
1:2 up to 6%
Tyler & Megan
$105,000
No Match
Adrian
$111,000
1:1: up to 3%
David & Britney
$150,000
No Match
Brandon
$35,000
2:1 up to 6%
Chelsea
$28.000
No Match
Joe will take advantage of the company match (5% of salary) then put the rest in a Roth IRA.
Melissa will fund the 401(k) up to the match and put the remainder in her Roth IRA.
Tyler and Megan can each fund a Roth IRA then put the remainder in the 401(k). With no match, fund the
Roth first (based on 2013 contribution of $5,500 per individual).
Adrian is not eligible to open a Roth IRA because he makes too much money. He will put his entire 15% into his 401(k).
David and Britney are still within the guidelines for a married couple (based on 2013 contribution of $5,500 per
individual). After maxing out the IRA, they will fund the 401(k).
Brandon will fund his 401(k) up to the match, and then put the remainder in his Roth IRA.
Chelsea will fund her Roth IRA.
Text Entry
Copy and paste or type your submission right here.

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