Mary Jane earns $4,000,000.00 per annum for her salary. How much would be her taxable income for 2024 as an employee? Assuming that her monthly salary is an equal amount each month and 5% pension contribution.
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Mary Jane earns $4,000,000.00 per annum for her salary. How much would be her taxable income for 2024 as an employee? Assuming that her monthly salary is an equal amount each month and 5% pension contribution.
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- During 2019, Carl (a single taxpayer) has a salary of $91,500 and interest income of $11,000. Calculate the maximum contribution Carl is allowed for an educational savings account. $0 $400 $1,000 $2,000 Some other amountTeddy’s earned income was $54,000 in 2021 and $57,000 in 2022. How much can he contribute to his RRSP in 2022 given the following? Carry forward contribution room: $25,000 Pension adjustment: $6,000 Annual maximum: $29,210 Select one: a. $54,210 b. $28,720 c. $29,260 d. $48,210In 2023, Nina contributes 10 percent of her $100,000 annual salary to her 401(k) account. She expects to earn a 7 percent before-tax rate of return. Assume she leaves the funds in the account until she retires in 25 years when she receives a distribution of the 2023 contribution and its associated earnings. What would be the after-tax proceeds of the distribution? 1. Assume Nina's marginal tax rate at retirement is 20 percent. After tax proceeds from distribution $______________
- 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.Wil started his career on his present job exactly on his 22nd birthday. He is being deducted an amount of P900 every month as his SSS contributions his employer contributes also the same amount for the employee. If retirement age is 65 years old and money is worth 3.5% compounded monthly, find the amount of pension he will be getting every month upon his retirement.In 2020, Nina contributes 6 percent of her $143,000 annual salary to her 401(k) account. She expects to earn a 7 percent before-tax rate of return. Assuming she leaves this (and any employer contributions) in the account until she retires in 25 years, what is Nina’s after-tax accumulation from her 2020 contributions to her 401(k) account? (Use Table 1, Table 2.) (Round your intermediate calculations and final answers to the nearest whole dollar amount.) * Assume Nina’s marginal tax rate at retirement is 30 percent.
- An employee wants to retire and receive P 5 000 a month. She wants to pass this monthly payment to future generations after her death. She can earn an interest of 8% compounded annually? How much will she need to set aside to achieve her perpetuity goal?How do I solve the following: An employee that has 35 years until retirement has a current salary of $30,000 per year. The employee's wages are expected to increase by 5% annually over the next 35 years. The employer has a defined benefit pension plan in which a worker’s annual pension benefit is equal to 2% of the employee's final year’s wage for each year of employment, multiplied by the number of years of employment. The employee's expected annual pension benefit is calculated as $115,836.32. The cmpany contributes to the pension plan each year for the next 35 years. Assume 10% actuarial rate of return, and 30 years of retirement life. At the employee's time of retirement, what does the accumulated amount in the employee's pension plan have to be in order to meet the employee's annual pension benefit each year in 30 years?Mr. A, a minimum wage earner sales agent, received the following from his employer for the year 2021: Compensation Income P150,000; Overtime pay P10,000; 13th month pay P12,000; Commission from sales P300,000. What is the amount of taxable Income? Answer please!
- Your employer contributes $50 a week to your retirement plan. Assume that you work for your employer for another 20 years and that the applicable discount rate is 9 percent. Given these assumptions, what is this employee benefit worth to you today?Tyler Winkle's employer in Pittsburgh makes a matching contribution of $2,000 a year to his 401(k) retirement account at work. If the dollar amount of the employer's contribution increases 6 percent annually, how much will the employer contribute to the plan in the twentieth year from now? Round Future Value of a Single Amount in intermediate calculations to four decimal placesHarriett is age 52, married, and reported AGI of $118,000 in tax year 2023. She is an active participant in her employer's pension plan. What is the maximum deductible IRA contribution she can make for her own account in 2023? Question options: $750 $6,750 $7,500 some other number
