Individual Income Taxes
Individual Income Taxes
43rd Edition
ISBN: 9780357109731
Author: Hoffman
Publisher: CENGAGE LEARNING - CONSIGNMENT
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Chapter 19, Problem 37P
To determine

Identify the amount that will vest for the given situation.

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Shyam is a participant in a SIMPLE § 401(k) plan. He elects to contribute 4% of his $40,000 compensation to the account, and his employer contributes 3%. If an amount is zero, enter "0". Shyam has elected to contribute $fill in the blank 1 to his SIMPLE § 401(k) plan. His employer will contribute $fill in the blank 2. Of these amounts, $fill in the blank 3 will not vest immediately.
In 2022, LeSean (age 51 and single) has earned income of $3,000. He also has $30,000 of unearned (capital gain) income. c. If he does not participate in an employer-sponsored plan, what is the maximum deductible IRA contribution LeSean can make in 2022 if he has earned income of $10,000? Maximum deductible IRA contribution
[The following information applies to the questions displayed below.] In 2023, LeSean (age 59 and single) has earned income of $4,800. He also has $31,700 of unearned (capital gain) income. c. If he does not participate in an employer-sponsored plan, what is the maximum deductible IRA contribution LeSean can make in 2023 if he has earned income of $15,300? Maximum deductible IRA contribution
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