Homework Help: taxes

Posted by Anonymous on Saturday, June 23, 2012 at 10:25pm.

kaysia participates in a SIMPLE plan provided by her employer. In 2011, she contributes 6% of her $40,000 salary, and her employer contributes 3% to the plan

taxes - Ms. Sue, Saturday, June 23, 2012 at 10:26pm
Are you sharing information or do you have a question?
taxes - Anonymous, Saturday, June 23, 2012 at 11:31pm
sorry... I never used this site before. It is a problem I am trying to solve

The question would be what amount of the contributions will be vested in her account at the end of 2011? I come up with 1,200
the choices are:
0
1200
2400
3600

thank you
taxes - bobpursley, Sunday, June 24, 2012 at 11:43am
The vesting is all the employees contribution, and up to three percent as a employers contribution

In this case, 40,000*(.06+.03)=3600

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