Sanford's employer has a qualified pension plan that allows employees to contribute up to 10% of their gross salaries to the plan. The employer matches the contribution at the rate of 50% of the employee's contribution. Sanford's current annual salary is $80,000 . This is his only source of income. If he contributes the maximum amount to the pension plan, what is Sanford's gross income for the
current year?
a. $72,000
b. $76,000
c. $80,000
d. $84,000
e. $88,000
a
Business
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