What would be the company contribution for retirement fund, Taxation

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What would be the company contribution for retirement fund

Response to the following problem:

George Clausen (age 48) is employed by Kline Company and is paid a salary of $42,640. He has just decided to join the company's Simple Retirement Account (IRA form) and has a few questions.

Answer the questions for Clausen. (use 2015 tax information)

a.What is the maximum that he can contribute into this retirement fund?

b.What would be the company's contribution?

c.What would be his 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 his weekly take-home pay without the retirement contribution deduction?

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Taxation: What would be the company contribution for retirement fund

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