What type of defined contribution plan allows participants to contribute after-tax amounts to their retirement account? Select one: a. Roth 401(k) b. 403(b) c. 401(k) d. 457
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What type of defined contribution plan allows participants to contribute after-tax amounts to their retirement account?
Roth 401(k)
403(b)
401(k)
457
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Solved in 2 steps
- The following relates to different types of registered plans: Registered Retirement Income Fund Tax-Free Savings Account Registered Education Savings Plan Registered Retirement Savings Plan What plan permits the amount contributed to be deducted from the individual's total income in the year contribution is made or carry forward if unused? Question 2 options: a) i, ii and iii b) ii, iii and iv c) iv only d) None of the aboveQuestion 3: Which of the following is taxable for Social Security tax? Answer: А. O Contributions to a 403(b) plan В. O Contributions to a flexible spending account С. O Contributions to a dependent care flexible spending account D. O Contributions to a cafeteria planContributions to a Traditional IRA may be tax-deductible depending on the taxpayer's income, tax - filling status, and other factors. Taxes on eamings are deferred until withdrawals begin, which is usually in retirement. 3. Discuss the role of Social Security benefits in a retirement plan by addressing the following: a. Purpose: describe the difference between FICA and Medicare. Next, indicate how each af these benefits are funded (i.e. emplayee, employer, or bath). b. Eligibility: summarize the eligibility requirements for collecting Social Security. c. Benefit Age: summarize the three ages that people usually collect Social Security. If you were close to the youngest age, would you start collecting as soon as possible, or would you delay? If you would delay, indicate the age you would select and provide your rationale. d. Retirement impact: describe the role that Social Security would play in your retirement plan. Based on the information provided in this module, what percentage of a…
- In a Traditional IRA or 401(k): O A. Contributions are tax deductible B. Withdrawals in retirement are taxable OC. Neither A nor B O D. Both A & BThe calculation used by social security to calculate retirement benefits is meant to replace a(n)Which component of Kensington’s periodic pension cost would be shown in OCI ratherthan P&L?A . Service costB . Net interest (income) expenseC . Remeasurements
- Which type of retirement plans are subject to contribution limits? Select one: a. Only defined contribution plans b. Only defined benefit plans c. Neither defined benefit nor defined contribution plans d. Both defined benefit and defined contribution plansWhich of the following qualified plans is a defined benefit plan? Defined benefit pension plan Target benefit pension plan Stock bonus pension plan Cash balance pension plan Select one: 1 and 4 2 and 3 1 and 3 1 and 2 3 and 4Question 30: If code D (deferrals under a 401(k) plan) is entered on line 12a of Form W-2, what other box must be completed? Answer: А. O 10 (Dependent care benefits) В. O 11 (Nonqualified plans) С. 13 (Retirement Plan checkbox) D. O 14 (Other)
- 5. What is the total pension expense in 2021?6. How much from the pension expense is recognized in the 2021 profit or loss?7. How much from the pension expense is recognized in the 2021 other comprehensiveincome or loss?Question 1 Listen Which of the following statements about TFSAs are true? 1. Withdrawals from a TFSA are not taxable in the year of withdrawal. 2. Withdrawals from a TFSA impact eligibility for income-tested government benefits 3. The amount that is withdrawn from a TFSA is added back to one's TFSA contribution room on January 1st of the following year. 4. A TFSA must be converted to another retirement income fund in the year that one reaches age 71. 1 and 2 only 2 and 3 only 3 and 4 only 1 and 3 onlyAccording to PAS for Accounting and Reporting by Retirement Benefit Plans, which of the following may be disclosed in the financial report of a defined benefit plan but would not be shown in the financial report of a defined contribution plan? Actuarial present value of promised retirement benefits Employer contributions Government bonds held Employee contributions