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Tom and Jenny graduated college and got married. Both are in their 20s.
Tom works for Accenture and earns $50,000 per year.
Jenny works for Prudential and earns $40,000 per year.
401(k)
Tom contributes 5% to his 401(k) Accenture matches up to 5%
Jenny contributes 5% to her 401(k). Prudential matches up to 2.5 %
IRA
Tom and Jenny both contribute the maximum to a Roth IRA
Questions
1) Annually, how much do Tom and Jenny contribute to their 401(k)’s?
- Tom –
- Jenny –
- Together –
2) Annually, how much did their employers contribute to the 401(K)’s?
- Tom –
- Jenny –
- Together –
3) If Tom and Jenny contribute the maximum to their Roth IRA, what was the total contribution?
4) What was the total contribution collected from Tom, Jenny, and their employers?
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