>1In 2021, a 52-year-old participant in a 401(k) plan may contribute amaximum of:Multiple ChoiceOOOO$6,000.$19,500.$26,000.$58,000.

A qualifying profit-sharing plan may include a component known as a 401(k), which gives workers the…

Answered: In 2021, a 52-year-old participant in 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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Your client is currently 19 years old. Your client wishes to retire at age 71. Your client's expected lifetime is 96 years. Your fund generates a return of 4.3%. Your client wants to have a pension benefit of 143,000. calculate the annual contribution your client needs to make.
am. 168.
Steve Weatherspoon, a super salesman contemplating retirement on his ffty-ffth birthday, decides to create a fund on an 9% basis that will enable him to withdraw $ 16,000 per year on June 30, beginning in 2024 and continuing through 2027. To develop this fund. Steve intends to make equal contributions on June 30 of each of the years 2020-2023. What are Steve's contributions to the fund ?
(b) Chris Hitchcock is 43 years old today and he wishes to accumulate $512.000 by his 65 th birthday so he can retire to his summer place on Lake Hopatcong. He wishes to accumulate this amount by making equal deposits on his 43 th through his 64 th birthdays. What annual deposit must Chris make if the fund will earn 8% interest compounded annually? (Round factor values to 5 decimal places, e.g. 1.25124 and final answer to 0 decimal places, e.g. 458,581.) Annual deposit eTextbook and Media Save for Later Attempts: unlimited Submit Answer %24
A medical doctor, 48 years old, is enrolled in a pension fund that will pay he $6,000 monthly at retirement age 60. This fixed monthly pension payout will be for a period of 25 years. The doctor requires a 6%)annual return on her investments. The present value of this annuity today is closest to: A- $462798 B. $469.858 C- $945447
You just graduated and started your new job. Your starting salary is $50,000/year. Your employer's 401(k) plan states that your employer will contribute 3% of your salary to your 401(k) regardless of whether you make any contributions or not. They will also match your contributions, $1-for $1, up to 4% of your salary. Please answer the following questions: Assume that this annual total contribution is made for 35 years and your 401(k) earns an average annual return of 8%. How much will you have in your account at the end of this time period? Assume Beginning of Period Contributions. Round your answer to the nearest dollar - do NOT enter any cents or your answer will be marked as "incorrect". Also, do not add $ or commas in answer.
Marie wants to provide retirement income for her dependent parents for 35 years should she die. Marie earns $67,500 and feels that her parents could live on 65% of that amount. If the insurance funds could be invested at 5%, how much life insurance does she purchase using the desired income method? Group of answer choices $1,273,499 $1,450,087 $932,743 $877,500
Small Business and Self-Employed Retirement Plans (LO 5.4) Eligio is a 45-year-old self-employed psychiatrist who has net earned income of $320,000 in 2023. What is the maximum amount he can contribute to his SEP for the year? 66,000 X
Subject-Acounting
Evan had three accounts as listed below. In 2020, how much was his total insurance coverage by the FDIC? • Bank A: $110,000 Bank B: $80,000 • Bank C: $315,000 Multiple Choice O $110,000 $190,000 O $315,000
A recent college graduate hopes to have $200,000 saved in their retirement account 25 years from now by contributing $150 per month in a 401(k) plan. The goal is to earn 10% annually on the monthly contribution. Will they have the $200,000 at the end of the 25 years?
As part of his 401(k) retirement plan at work, Ken Lowery invests 5.0 percent of his salary each month in the Capital Investments Lifecycle Fund. At the end of this year, Ken's 401(k) account has a dollar value of $210,800. If the fund charges a 12b-1 fee of 0.75 percent, what is the amount of the fee? (Round your answer to 2 decimal places.) 12b-1 fee

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In 2021, a 52-year-old participant in a 401(k) plan may contribute a maximum of: Multiple Choice O O O $6,000. $19,500. $26,000. $58,000.