Amanda Is an Employee of the Kiwi Corporation with a Yearly

Multiple Choice

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