Matthew (48 at year-end) develops cutting-edge technology for SV Incorporated, located in Silicon Valley. In 2022, Matthew participates in SV's money purchase pension plan (a defined contribution plan) and in his company's 401(k) plan. Under the money purchase pension plan, SV contributes 15 percent of an employee's salary to a retirement account for the employee up to the amount limited by the tax law. Because it provides the money purchase pension plan, SV does not contribute to the employee's 401(k) plan. Matthew would like to maximize his contribution to his 401(k) account after SV's contribution to the money purchase plan. Note: Leave no answer blank. Enter zero if applicable. d. Assume Matthew's annual salary is $60,000 and that he is 54 years old at the end of 2022. What amount can Matthew contribute to his 401(k) account in 2022?
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- Required information [The following information applies to the questions displayed below.] Matthew (48 at year-end) develops cutting-edge technology for SV Inc., located in Silicon Valley. In 2021, Matthew participates in SV's money purchase pension plan (a defined contribution plan) and in his company's 401(k) plan. Under the money purchase pension plan, SV contributes 15 percent of an employee's salary to a retirement account for the employee up to the amount limited by the tax code. Because it provides the money purchase pension plan, SV does not contribute to the employee's 401(k) plan. Matthew would like to maximize his contribution to his 401(k) account after SV's contribution to the money purchase plan. (Leave no answers blank. Enter zero if applicable.) d. Assume Matthew's annual salary is $65,500 and that he is 54 years old at the end of 2021. What amount can Matthew contribute to his 401(k) account in 2021? Matthew's contribution to 401(k) account $ 29,325Required information [The following information applies to the questions displayed below.] Matthew (48 at year-end) develops cutting-edge technology for SV Inc., located in Silicon Valley. In 2021, Matthew participates in SV's money purchase pension plan (a defined contribution plan) and in his company's 401(k) plan. Under the money purchase pension plan, SV contributes 15 percent of an employee's salary to a retirement account for the employee up to the amount limited by the tax code. Because it provides the money purchase pension plan, SV does not contribute to the employee's 401(k) plan. Matthew would like to maximize his contribution to his 401(k) account after SV's contribution to the money purchase plan. (Leave no answers blank. Enter zero if applicable.) Assuming Matthew's annual salary is $71,000, c-1. What amount will SV contribute to Matthew's money purchase plan? c-2. What amount can Matthew contribute to his 401(k) account in 2021? Complete this question by entering your…[The following information applies to the questions displayed below.] Matthew (48 at year-end) develops cutting-edge technology for SV Inc., located in Silicon Valley. In 2021, Matthew participates in SV's money purchase pension plan (a defined contribution plan) and in his company's 401(k) plan. Under the money purchase pension plan, SV contributes 15 percent of an employee's salary to a retirement account for the employee up to the amount limited by the tax code. Because it provides the money purchase pension plan, SV does not contribute to the employee's 401(k) plan. Matthew would like to maximize his contribution to his 401(k) account after SV's contribution to the money purchase plan. (Leave no answers blank. Enter zero if applicable.) Problem 13-54 Part b (Algo) Assuming Matthew's annual salary is $273,000, b-1. What amount will SV contribute to Matthew's money purchase plan? b-2. What can Matthew contribute to his 401(k) account in 2021? Complete this question by entering your…
- [The following information applies to the questions displayed below.) Matthew (48 at year-end) develops cutting-edge technology for SV Inc., located in Silicon Valley. In 2021, Matthew participates in SV's money purchase pension plan (a defined contribution plan) and in his company's 401(k) plan. Under the money purchase pension plan, SV contributes 15 percent of an employee's salary to a retirement account for the employee up to the amount limited by the tax code. Because it provides the money purchase pension plan, SV does not contribute to the employee's 401(k) plan. Matthew would like to maximize his contribution to his 401(k) account after SV's contribution to the money purchase plan. (Leave no answers blank. Enter zero if applicable.) Problem 13-54 Part c (Algo) Assuming Matthew's annual salary is $65,500, c-1. What amount will SV contribute to Matthew's money purchase plan? c-2. What amount can Matthew contribute to his 401(k) account in 20217 Complete this question by entering…Matthew (48 at year-end) develops cutting-edge technology for SV Incorporated, located in Silicon Valley. In 2022. Matthew participates in SV's money purchase pension plan (a defined contribution plan) and in his company's 401(k) plan. Under the money purchase pension plan, SV contributes 15 percent of an employee's salary to a retirement account for the employee up to the amount limited by the tax law. Because it provides the money purchase pension plan, SV does not contribute to the employee's 401(k) plan. Matthew would like to maximize his contribution to his 401(k) account after SV's contribution to the money purchase plan. Note: Leave no answer blank. Enter zero if applicable. Show Transcribed Text A. Assuming Matthew's annual salary is $400,000, What can Matthew contribute to his 401(k) account in 2022? B. Assuming Matthew's annual salary is $240,000, What can Matthew contribute to his 401(k) account in 2022? C. Assuming Matthew's annual salary is $60,000, what amount can Matthew…Ma1 Matthew (48 at year-end) develops cutting-edge technology for SV Inc., located in Silicon Valley. In 2020, Matthew participates in SV’s money purchase pension plan (a defined contribution plan) and in his company’s 401(k) plan. Under the money purchase pension plan, SV contributes 15 percent of an employee’s salary to a retirement account for the employee up to the amount limited by the tax code. Because it provides the money purchase pension plan, SV does not contribute to the employee’s 401(k) plan. Matthew would like to maximize his contribution to his 401(k) account after SV’s contribution to the money purchase plan. (Leave no answers blank. Enter zero if applicable.) d. Assume Matthew's annual salary is $72,500 and that he is 54 years old at the end of 2020. What amount can Matthew contribute to his 401(k) account in 2020?
- Matthew (48 at year-end) develops cutting-edge technology for SV Incorporated, located in Silicon Valley. In 2023, Matthew participates in SV's money purchase pension plan (a defined contribution plan) and in his company's 401(k) plan. Under the money purchase pension plan, SV contributes 15 percent of an employee's salary to a retirement account for the employee up to the amount limited by the tax law. Because it provides the money purchase pension plan, SV does not contribute to the employee's 401(k) plan. Matthew would like to maximize his contribution to his 401(k) account after SV's contribution to the money purchase plan. Problem 13-58 Parta (Algo) Assuming Matthew's annual salary is $392,000, Required: a-1. What amount will SV contribute to Matthew's money purchase plan? a-2. What can Matthew contribute to his 401(k) account in 2023? Complete this question by entering your answers in the tabs below. Required A1 Required A2 What amount will SV contribute to Matthew's money…Matthew (48 at year-end) develops cutting-edge technology for SV Inc., located in Silicon Valley. In 2019, Matthew participates in SV’s money purchase pension plan (a defined contribution plan) and in his company’s 401(k) plan. Under the money purchase pension plan, SV contributes 15 percent of an employee’s salary to a retirement account for the employee up to the amount limited by the tax code. Because it provides the money purchase pension plan, SV does not contribute to the employee’s 401(k) plan. Matthew would like to maximize his contribution to his 401(k) account after SV’s contribution to the money purchase plan. (Leave no answer blank. Enter zero if applicable.) Assuming Matthew’s annual salary is $68,000, c-1. What amount will SV contribute to Matthew’s money purchase plan? c-2. What amount can Matthew contribute to his 401(k) account in 2019?Matthew (48 at year-end) develops cutting-edge technology for SV Inc., located in Silicon Valley. In 2019, Matthew participates in SV’s money purchase pension plan (a defined contribution plan) and in his company’s 401(k) plan. Under the money purchase pension plan, SV contributes 15 percent of an employee’s salary to a retirement account for the employee up to the amount limited by the tax code. Because it provides the money purchase pension plan, SV does not contribute to the employee’s 401(k) plan. Matthew would like to maximize his contribution to his 401(k) account after SV’s contribution to the money purchase plan. (Leave no answer blank. Enter zero if applicable.) Assuming Matthew’s annual salary is $288,000, b-1. What amount will SV contribute to Matthew’s money purchase plan? b-2. What can Matthew contribute to his 401(k) account in 2019?
- Simplified Employee Pensions (LO 5.4) During 2018, Jerry is a self-employed therapist, and his net earned income is $167,000 from his practice. Jerry's SEP Plan, a defined contribution plan, states that he will contribute the maximum amount allowable. Calculate Jerry's contribution.$Matthew (48 at year-end) develops cutting-edge technology for SV Inc., located in Silicon Valley. In 2019, Matthew participates in SV’s money purchase pension plan (a defined contribution plan) and in his company’s 401(k) plan. Under the money purchase pension plan, SV contributes 15 percent of an employee’s salary to a retirement account for the employee up to the amount limited by the tax code. Because it provides the money purchase pension plan, SV does not contribute to the employee’s 401(k) plan. Matthew would like to maximize his contribution to his 401(k) account after SV’s contribution to the money purchase plan. (Leave no answer blank. Enter zero if applicable.) d. Assume the same facts as part (c), except that Matthew is 54 years old at the end of 2019. What amount can Matthew contribute to his 401(k) account in 2019?In 2022, Maggy (34 years old) is an employee of YBU Corp. YBU provides a 401(k) plan for all its employees. According to the terms of the plan, YBU contributes 50 cents for every dollar the employee contributes. The maximum employer contribution under the plan is 15 percent of the employee’s salary (if allowed, YBU contributes until the employee has contributed 30 percent of her salary). (Use Exhibit 13-2) c. Maggy wants to maximize YBU’s contribution to her 401(k) account in 2020. How much should Maggy contribute to her 401(k) account assuming her annual salary is $100,000 (and assuming she works for YBU for the entire year)? d. Maggy wants to maximize YBU’s contribution to her 401(k) account in 2020. Her annual salary is $100,000, and she works for YBU for the entire year. Assume Maggy is 55 years old rather than 34 years old at the end of the year. How much should Maggy contribute to her 401(k) account? c. Maggy wants to maximize YBU’s contribution to her 401(k) account in 2022. How…