A Company That Maintains a SIMPLE-401k) Has the Option of Funding

question 73

Multiple Choice

A company that maintains a SIMPLE-401k) has the option of funding the plan by I. Contributing 2% of an employee's salary up to a maximum of $5,200. II. Match the employee's contribution up to a maximum of 3 percent of the employee's compensation with a maximum contribution of $12,000.

• A) Only I is correct.
• B) Only II is correct.
• C) Both statements are correct.
• D) Neither statement is correct.

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Definitions:

Clean Air Act

A wide-ranging federal statute in the United States that governs emissions from both stationary and mobile sources, aimed at managing air pollution.

Bioengineering

The application of principles of biology and engineering to create products and technologies that improve human life.

Genetically Manipulate

Genetically manipulate involves altering the genetic material of an organism in a laboratory setting to change its characteristics or functions.

Toxic Substances

Chemical compounds that can cause harm or damage to living organisms, the environment, or materials.