nancy’s gross annual income is $46,905. she is paid monthly and has 9% deducted from her paychecks for her…

nancy’s gross annual income is $46,905. she is paid monthly and has 9% deducted from her paychecks for her 403(b). her employer matches her deduction, up to 3%. how much is deposited into her retirement plan each payday? $234.52 $351.79 $469.05 $703.58

nancy’s gross annual income is $46,905. she is paid monthly and has 9% deducted from her paychecks for her 403(b). her employer matches her deduction, up to 3%. how much is deposited into her retirement plan each payday? $234.52 $351.79 $469.05 $703.58

Answer

Answer:

C. $469.05

Explanation:

Step1: Calculate monthly income

Monthly income = $\frac{46905}{12}=3908.75$

Step2: Calculate employee - contribution

Employee contribution = $3908.75\times0.09 = 351.7875$

Step3: Calculate employer - contribution

Employer contribution = $3908.75\times0.03=117.2625$

Step4: Calculate total monthly deposit

Total monthly deposit = $351.7875 + 117.2625=469.05$