Multiple Choice
Sanford's employer has a qualified pension plan that allows employees to contribute up to 10% of their gross salaries to the plan. The employer matches the contribution at the rate of 50% of the employee's contribution. Sanford's current annual salary is $80,000. This is his only source of income. If he contributes the maximum amount to the pension plan, what is Sanford's gross income for the current year?
A) $72,000
B) $76,000
C) $80,000
D) $84,000
E) $88,000
Correct Answer:
Verified
Correct Answer:
Verified
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