Problem #5Samantha Montgomery (age 42) is employed by Canon Company and is paid a salary of $62,430. She hasjust decided to join the company's Simple Retirement Account (IRA form) and has a few questions.Answer the following for Montgomery:a. What is the maximum that she can contribute into this retirement fund? $b. What would be the company's contribution? $c. What would be her weekly take-home pay with the retirement contribution deducted (married filingjointly, wage-bracket method, and a 2.3% state income tax on total wages)? $_d. What would be her weekly take-home pay without the retirement contribution deduction? $

Maximum amount that she can contribute : In 2021, 401(k) contribution limits for individuals are…

Answered: Problem #5 Samantha Montgomery (age 42)…

Personal Finance

13th Edition

ISBN:9781337669214

Author:GARMAN

Publisher:GARMAN

Chapter17: Retirement And Estate Planning

Section: Chapter Questions

Problem 4FPC

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I just need help with part D.
Samantha Montgomery (age 42) is employed by Canon Company and is paid an annual salary of $62,430. She has just decided to join the company's Simple Retirement Account (IRA form) and has a few questions. Answer the following for Montgomery: Round your answer to the nearest cent. a. What is the maximum that she can contribute into this retirement fund? $fill in the blank 1 b. What would be the company's contribution? $fill in the blank 2 Note: For items c. & d. below, round interim amounts to two decimal places. Use these values in subsequent computations then round final answer to two decimal places. c. What would be her weekly take-home pay with the retirement contribution deducted (married, 2 allowances, wage-bracket method, and a 2.3% state income tax on total wages)? Click here to access the Wage-Bracket Method Tables. $fill in the blank 3 d. What would be her weekly take-home pay without the retirement contribution deduction? $fill in the blank 4
George Clausen (age 48) is employed by Kline Company and is paid an annual salary of $42,640. He has just decided to join the company's Simple Retirement Account (IRA form) and has a few questions. Answer the following for Clausen: a. What is the maximum that he can contribute into this retirement fund? $ 12,500 ✓ b. What would be the company's contribution? $ X Note: For items c. & d. below, round interim amounts two decimal places. Use these values in subsequent computations then round final answer to two decimal places. c. What would be his weekly take-home if he contributes the maximum allowed retirement contribution (married, allowances, wage-bracket method, and a 2.3 % state income tax on total wages)? Click here to access the Wage-Bracket Method Tables. $ X d. What would be his weekly take-home pay without the retirement contribution deduction? X
A client needs assistance with retirement planning. Here are the facts: The client, Dave, is 21 years old. He wants to retire at 65. Dave has disposable income of $2,000 per month. The IRA Dave has chosen has an average annual return of 8%. Question 1. If Dave contributes half of his disposable income to the account, what will it be worth at 65? Question 2. How much would he need to contribute to have $5,000,000 at 65?
solve question c
George Clausen (age 48) is employed by Kline Company and is paid an annual salary of $42, 640. He has just decided to join the company's Simple Retirement Account (IRA form) and has a few questions. Answer the following for Clausen: C) What would be his weekly take-home pay with the retirement contribution deducted? D) What would be his weekly take-home pay without the retirement contribution?
Hi can someone help me with this question?
#16 Today is Derek's 25th birthday. Derek has been advised that he needs to have $2,993,861.00 in his retirement account the day he turns 65. He estimates his retirement account will pay 7.00% interest. Assume he chooses not to deposit anything today. Rather he chooses to make annual deposits into the retirement account starting on his 29.00th birthday and ending on his 65th birthday. How much must those deposits be? Submit Answer format: Currency: Round to: 2 decimal places. unanswered not_submitted Attempts Remaining: Infinity
Sara wants to have $530,000 in her savings account when she retires. How much must she put in the account now, if the account pays a fixed interest rate of 9%, to ensure that she has $530,000 in 18 years time? OA. $112,357 OB. $202,243 OC. $119,492 O D. $157,300
1 Julia is turning 65 in June 1, 2022. She wants to stop paying into CPP. As she gets paid twice a month and her gross pay is $3,500 for every pay check, what is her CPP contribution for 2022? What is her CPP deductions from each pay period? How much does her employer have to remit to CRA each pay period? Please show the calculations.
Jeni has decided that she needs to start saving for her retirement. She can afford $100 a month deducted automatically from her paycheck. She deposits it into an account that earns 4.5% interest compounded monthly. How much will she have in her account when she retires 42 years later? A. $ 14,922.70 B.$ 50,400.00 C. $132,213.00 D. $149,226.96
Question 13 11. During 2020, a person receives Social Security at age 63 and is earning $23,000/year at a part- time position, how much of their allotted $12,000 yearly Social Security payments would they receive? Assume $12,000 is the amount after deducting the early withdraw penalty. Question 14 12. From the question above, now assume the individual is 71 years old. How much of the yearly $12,000 would they receive while still earning $23,000 from their part-time position? Question 15 13. At retirement age in 2020, an individual has an average yearly indexed income of $40,000. How much would their monthly Social Security check be worth using the PIA formula? *Do not use dollar signs*

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