!Required informationProblem 13-59 (LO 13-2) (Static)[The following information applies to the questions displayed below.]In 2023, Maggy (34 years old) is an employee of YBU Corporation. 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 maximumemployer contribution under the plan is 15 percent of the employee's salary (if allowed, YBU contributes until theemployee has contributed 30 percent of her salary). (Use Exhibit 13-2)Problem 13-59 Part a (Static)************a. Maggy worked for YBU Corporation for 3½ years before deciding to leave effective July 1, 2023. Maggy's annual salary during thistime was $45,000, $52,000, $55,000, and $60,000 (she only received half of her $60,000 2023 salary). Assuming Maggy contributed8 percent of her salary (including her 2023 salary) to her 401(k) account, what is Maggy's vested account balance when she leavesYBU (exclusive of account earnings)? Assume YBU uses three-year cliff vesting.Answer is complete but not entirely correct.Vested account balance$ 17,472 x

Taxable income in accounting refers to the portion of a company's or individual's income that is…

a. Maggy worked for YBU Corporation for 3 years before deciding to leave effective July 1, 2023. Maggy's annual salary during this time was $45,000, $52,000, $55,000, and $60,000 (she only received half of her $60,000 2023 salary). Assuming Maggy contributed 8 percent of her salary (including her 2023 salary) to her 401(k) account, what is Maggy's vested account balance when she leaves YBU (exclusive of account earnings)? Assume YBU uses three-year cliff vesting. Answer is complete but not entirely correct. $ 17,472 X Vested account balance

a. Maggy worked for YBU Corporation for 3 years before deciding to leave effective July 1, 2023. Maggy's annual salary during this time was $45,000, $52,000, $55,000, and $60,000 (she only received half of her $60,000 2023 salary). Assuming Maggy contributed 8 percent of her salary (including her 2023 salary) to her 401(k) account, what is Maggy's vested account balance when she leaves YBU (exclusive of account earnings)? Assume YBU uses three-year cliff vesting. Answer is complete but not entirely correct. $ 17,472 X Vested account balance

SWFT Individual Income Taxes

43rd Edition

ISBN:9780357391365

Author:YOUNG

Publisher:YOUNG

Chapter19: Deferred Compensation

Section: Chapter Questions

Problem 41P

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