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How much would be contributed to the plan on behalf of mark

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Reference no: EM132945383

Bubbles LLC is a web design company that operates out of Boulder, Colorado. Mark and Jeff started Bubbles twenty years ago and it has grown to be one of the more sizable web development firms in Colorado. Bubbles offers a 401(k) /profit sharing plan with a Roth account option.

The plan has the following characteristics:

  • Eligibility: age 21 and one-year of service
  • Match: dollar for dollar match
  • Vesting: 20% per year (years 1 through 5)
  • Highly compensated definition: uses top 20% election
  • Profit-sharing contribution: Bubbles generally makes a sizeable contribution, but the percentage varies.
  • The plan has been amended to permit in-plan Roth rollovers.
  • The plan permits rollovers from other qualified plans and IRAs.

Problem 1: Assume the company decided to make a profit-sharing contribution that was integrated with Social Security, with an integration level equal to the Social Security wage base. If the base percentage was 10% with a maximum excess percentage, how much would be contributed to the plan on behalf of Mark (disregard the salary deferral)?

Reference no: EM132945383

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