Answered: The contribution limit for a Payroll…

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

1. The contribution limit for a Payroll Deduction IRA increases once an employee reaches _____ years of age.

Answer:

2. Carrie Rosenberg worked 44 hours the first week of the calendar year and earns regular wages of $18/hour. She is paid an overtime rate 1.5 times her regular wage rate, contributes 2% of her gross pay to a 401(k) plan, and contributes $40/week to a flexible spending account. Her Social Security tax for the week is $______ .

3. What types of wage garnishments are typically satisfied before others?

Answer:

Student loan payments and state/federal tax levies

Alimony and child support payments

Child support payments and federal tax levies

D.	State and federal tax levies

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