## Answers

In a simple IRA, an employer can match employee contributions up to 3% of the employees salary. | |||||||||||||

In addition, the employer can contribute a flat 2% of the employee's salary regardless of the employee's contribution upto a limit of $280000. | |||||||||||||

In a 401(k), the employer can make a matching contribution to the 401(k) or the employer can make an explicit profit-sharing plan. | |||||||||||||

Employer and employee contributions to a single employee’s 401(k) cannot exceed the lesser of the following two options: | |||||||||||||

1) 100% of the employee’s compensation. | |||||||||||||

2) The total cap, which is $56,000. | |||||||||||||

C) The employer may make matching and nonelective contributions with both plans. |

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