In 2023, Iris and her employer each contributed $4,000 to her DBPP which will pay her a pension of 1.5% for every year of service based on the best three years of income. Her salary for 2023 was $92,000 and the best three years average $87,000. a. What is Iris's pension adjustment for 2023? b. How much can she contribute to her RRSP in 2024? C. If she began collecting her pension in 2024, how much would it be if she had 33 years of service?

SWFT Individual Income Taxes
43rd Edition
ISBN:9780357391365
Author:YOUNG
Publisher:YOUNG
Chapter19: Deferred Compensation
Section: Chapter Questions
Problem 41P
icon
Related questions
Question

anl

In 2023, Iris and her employer each contributed $4,000 to her DBPP which will pay her a pension of
1.5% for every year of service based on the best three years of income. Her salary for 2023 was $92,000
and the best three years average $87,000.
a.
What is Iris's pension adjustment for 2023?
b.
How much can she contribute to her RRSP in 2024?
C.
If she began collecting her pension in 2024, how much would it be if she had 33 years of service?
Transcribed Image Text:In 2023, Iris and her employer each contributed $4,000 to her DBPP which will pay her a pension of 1.5% for every year of service based on the best three years of income. Her salary for 2023 was $92,000 and the best three years average $87,000. a. What is Iris's pension adjustment for 2023? b. How much can she contribute to her RRSP in 2024? C. If she began collecting her pension in 2024, how much would it be if she had 33 years of service?
AI-Generated Solution
AI-generated content may present inaccurate or offensive content that does not represent bartleby’s views.
steps

Unlock instant AI solutions

Tap the button
to generate a solution

Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
SWFT Individual Income Taxes
SWFT Individual Income Taxes
Accounting
ISBN:
9780357391365
Author:
YOUNG
Publisher:
Cengage
Individual Income Taxes
Individual Income Taxes
Accounting
ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT
Income Tax Fundamentals 2020
Income Tax Fundamentals 2020
Accounting
ISBN:
9780357391129
Author:
WHITTENBURG
Publisher:
Cengage
PAYROLL ACCT., 2019 ED.(LL)-TEXT
PAYROLL ACCT., 2019 ED.(LL)-TEXT
Accounting
ISBN:
9781337619783
Author:
BIEG
Publisher:
CENGAGE L
CONCEPTS IN FED.TAX., 2020-W/ACCESS
CONCEPTS IN FED.TAX., 2020-W/ACCESS
Accounting
ISBN:
9780357110362
Author:
Murphy
Publisher:
CENGAGE L
SWFT Comprehensive Vol 2020
SWFT Comprehensive Vol 2020
Accounting
ISBN:
9780357391723
Author:
Maloney
Publisher:
Cengage