George Clausen (age 48) is employed by Kline Company and is paid a salary of $42,640. Hehas just decided to join the company’s Simple Retirement Account (IRA form) and has a fewquestions. Answer the questions for Clausen.

a.What is the maximum that hecan contribute into this retire-ment fund? $11,500
b.What would be the company’scontribution? $ 345 or 3%
c.What would be his weeklytake-home pay with the retire-ment contribution deducted(married, 2 allowances,wage-bracket method,and a 2.3%state income tax on totalwages)? $437.68
d.What would be his weeklytake-home pay without theretirement contributiondeduction? $658.83