Peter, Paul and Mary were sitting in the cafeteria discussing the new 401k/profit sharing plan...
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Accounting
Peter, Paul and Mary were sitting in the cafeteria discussing the new 401k/profit sharing plan their employer was going to provide to them.
They were discussing the summary sheet that indicated they could be eligible for the following contributions from the company:
- 401K match of 100% of first 2% of salary deferral and 25% match on the next 8%
- Profit sharing contribution of 4%
Peter, Paul and Mary all want to take advantage of the opportunity to save for retirement. As such, how much will each of them have to defer in order to maximize the contribution from their company, and how much in total will go into their retirement account if their annual earnings are as follows:
Peter $75,000
Paul $50,000
Mary $90,000
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