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How much will eifel need to contribute to each employee

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Reference no: EM132810038

Problem 1: Eifel, Inc. is an S corporation and has three employees. Eifel has established a Simple IRA plan for its employees and established an IRA for each one. For 2019, employee A makes 80,000, B makes 65,000 and C makes $45,000 - none of them are over 50. If all the employees choose to have withheld exactly as much as Eifel will match up to the limit - how much would Eifel have to put in each employee's IRA account for 2019? If none of the employees chooses to have amounts withheld and put into the IRA, then how much will Eifel need to contribute to each employee's account?

Reference no: EM132810038

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