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Adrian's annual salary is $111,000. He is not eligible for a Roth IRA because he makes
too much money. His company offers a matching program that is 1:1 up to 3% of annual
salary. (do not include commas or dollar signs in your answers)
How much should he contribute to Roth IRAS?

Sagot :

azikennamdi

If he is not eligible for Roth IRAs, then he cannot contribute to Roth IRAs. However, he can contribute $3,330 monthly under his company's Matching Program.

What is a Roth IRA?

The Individual Retirement Account to which employees in the United States can contribute after-tax earnings is called the Roth IRA.

Under its governing principles, certain individuals whose annual income exceeds stipulated amounts are INELIGIBLE to contribute.

How do we arrive at  $3,330?

Recall that the question indicates that his company offers a matching program with a ratio 1:1 up to 3% of his annual salary.

Since his annual salary is $111, 000,

3% x 111,000 = 3,330.

This means that annually, the total matching contribution due to Adrian would be:

3,330 x 2 = 6, 660.

Learn more about Roth IRA at:
https://brainly.com/question/1300867
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