What amount must Zoe contribute to her pension plan given her contributory earnings?

To determine the amount Zoe must contribute to her pension plan based on her contributory earnings, it is essential to understand the contribution rate applicable to her earnings level. Pension plans often require contributions as a percentage of an employee's earnings, and there may also be a ceiling for contributions based on regulatory limits or plan specifics.

In this case, if the correct answer is $6,020.71, it suggests that Zoe's contributory earnings and the associated contribution rate have been evaluated effectively to reach this total. This amount aligns with typical contribution structures, where the percentage applied to the contributory earnings results in a figure that either equals or is close to the statutory limits or benchmarks set out for pension contributions.

When calculating pension contributions, it is also crucial to consider the type of pension plan, whether it’s a defined contribution (DC) plan or a defined benefit (DB) plan, as the calculation methods and contribution expectations differ significantly between the two. In the context of this question, the amount would reflect a proper application of the contributions planned in accordance with Zoe's specific earnings and potentially any employer match or additional factors that play into her calculated contribution requirement for the pension plan.

The final contribution amount signifies how well Zoe has integrated her financial planning with her