Category: SAT Math Question #19

I need help with a Economics question . All explanations and answers will be used to help me learn .
Complete the following review questions Questions 1-14 from attached file . Complete the following application questions
Answer each of the following questions and provide your rational for your choice for each one . You will not receive full credit unless you provide your explanation . Which of the following people would be considered a highly compensated employee for 2019?Amy, a 2% owner whose salary last year was $165,000Red, a 6% owner whose salary was $23,500 for the last five years . Reese, an officer, who earned $115,000 last year and is the sixth highest paid employee of 96 employees . Hank, a 0 . 5% owner who earned $136,000 last year and is in the top 20% of paid employees . Acme Inc . has 200 total employees, 150 of which are nonexcludable employees . Ten employees are highly compensated . Seven of the 10 highly compensated and 100 of the 140 nonhighly compensated employees are covered under Acme’s qualified plan . The average accrued benefit for the highly compensated is 3% and the average accrued benefit for the nonhighly compensated is 1 . 5% . Which of the following statements is true regarding coverage? The plan passes the ratio percentage test . The plan passes the average benefits test . 1 only2 onlyBoth 1 and 2Neither 1 nor 2 Axe Company sponsors a 401(k) profit sharing plan with no employer match, but the company did make noncontributory employer contributions because the plan was top-heavy . Jack quit today after six years working for Axe and has come to you to determine how much of his retirement balance he can take with him . The plan uses the least generous graduated vesting schedule available . What is Jack’s vested account balance if he has been a participating member for 57 months?ABC Inc . sponsors a defined contribution plan . Seth, age 39, has compensation of $150,000 for the year . ABC has made a $20,000 profit sharing plan contribution for Seth and $5,000 of plan forfeitures were allocated to Seth’s profit sharing plan during the year . How much can Seth defer into his CODA plan (401(k) plan) for 2019?$19,000$25,000$31,000$36,000
Employer Employee Contributions $9,000 $12,000 Earnings $4,000 $5,000″
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