Merrill Is a Participant in a SIMPLE § 401(k)plan,and He

question 19

Multiple Choice

Merrill is a participant in a SIMPLE § 401(k) plan,and he elects to contribute 4% of his $40,000 compensation to the account,while his employer contributes 3%.What amount will vest immediately,if any?

• A)$0
• B)$1,200
• C)$1,600
• D)$2,800
• E)None of these

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Definitions:

Quota

A trade limitation enforced by the government restricting the amount or financial worth of products that can be imported or exported over a certain timeframe.

Tax

A mandatory contribution to state revenue, levied by the government on workers' income and business profits, or added to the cost of some goods, services, and transactions.

Imports

Materials or services procured from another country and introduced into a domestic market for sale purposes.

Economic Integration

The process by which different countries reduce trade barriers and coordinate their economic policies to facilitate more efficient trade and investment.