Amanda is an employee of the Kiwi Corporation with a yearly salary of $80,000. The company maintains a noncontributory profit-sharing plan. During the year the company contributes $24,000 to the plan on her behalf in recognition of her outstanding work. The Kiwi Corporation is subject to an excess contribution penalty of
A)$-0-
B)$400
C)$1,000
D)$2,000
E)$3,750

Question

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The Answer of Amanda is an employee of the Kiwi Corporation with a yearly salary of $80,000. The company maintains a noncontributory profit-sharing plan. During the year the company contributes $24,000 to the plan on her behalf in recognition of her outstanding work. The Kiwi Corporation is subject to an excess contribution penalty of
A)$-0-
B)$400
C)$1,000
D)$2,000
E)$3,750

Amanda Is an Employee of the Kiwi Corporation with a Yearly