Samantha Montgomery (age 42) is employed by Canon Company and is paid a 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:
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, 2 allowances, 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? $___________