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Which of the following statements is true regarding employer-provided qualified retirement plans?
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Which of the following describes a defined benefit plan?
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ACCT 4040

Final Exam Chapter 13 Review

QuestionAnswer
Which of the following statements is true regarding employer-provided qualified retirement plans? they are generally referred to as defined benefit plans or defined contribution plans
Which of the following describes a defined benefit plan? provides fixed income to the plan participants based on a formula
Which of the following statements regarding defined benefit plans is false?` employees bear the investment risks of the plan
Which of the following statements regarding vesting in a defined benefit plan is correct? when an employees benefits vest, she is legally entitled too receive the benefits
Which of the following best describes distributions from a defined benefit plan? distributions from defined benefit plans are fully taxable as ordinary income
Which of the following is a true statement regarding saving for retirement? none of these is a true statements
Which of the following describes a defined contribution plan? employers and employees generally may contribute to the plan
Which of the following describing a defined contribution plan is false? employers bear investment risk relating to the plan
When employees contribute to a traditional 401k plan they _______ allowed to deduct the contributions and they _____ taxed on distributions from the plan. are allowed....are taxed
Which of the following statements regarding contributions to defined contribution plans is true? the tax laws limit the sum of the employer and employee contributions to a defined contribution plan
When employees contribute to a Roth 401k account they _____ allowed to deduct the contributions and they ______ taxed on the distributions from the plan. are not allowed....are not taxed
How is a traditional 401k account similar to a Roth 401k account? distributions from a traditional 401k account and a Roth 401k account are both subject to minimum distribution penalties
Which of the following best describes distributions from a traditional defined contribution plan? distributions from defined contribution plans are fully taxable as ordinary income
Shauna received a distribution from her 401k account this year. In which of the following situations will Shauna be subject to an early distribution penalty? Shauna is 68 but not yet retired when she receives the distribution
Which of the following statements is true regarding taxpayers receiving distributions from traditional defined contribution plans? taxpayers are not allowed to deduct either early distribution penalties or minimum distribution penalties
Which of the following statements regarding a Roth IRA is false? employers can make contributions to Roth accounts on behalf of their employees
Which of the following statements is true regarding distributions from Roth 401k accounts? a taxpayer receiving a non qualified distribution from a Roth 401k account may be taxed on a portion but not all of the distribution
Which of the following is true concerning employer funding of non qualified deferred compensation plans? employers may discriminate in terms of who they allow to participate in the plan
Which of the following statements concerning nonqualified dividend deferred compensation plans is true? if an employer doesn't have the funds to pay the employee, the employee becomes an unsecured creditor of the employer
Which of the following statements regarding traditional IRASs is true? a single taxpayer with no earned income is not allowed to deduct contributions to a traditional IRA
Which of the following statements regarding IRAs is false? taxpayers who have made nondeductible contributions to a traditional IRA are taxed on the full proceeds when they receive distributions from the IRA
Which of the following statements comparing qualified defined contribution plans and non qualified deferred compensation plans is false? in terms of tax consequences to the employee, earnings on qualified plans are deferred until distributed to the employee, but earnings on non qualified plans are immediately taxable
Which of the following statements regarding Roth IRA is false? taxpayers who are married and file separately are not allowed to contribute to a Roth IRA
Which of the following statements regarding Roth IRA distributions is true? a Roth IRA does not have a minimum distribution requirement
Which of the following is not a self-employed retirement account? SEM 403(c)
Which of the following statements concerning traditional IRAs and Roth IRAs is true? all of these are true statements
In general, which of the following statements regarding self-employed retirement accounts is true? individual 401ks have higher contribution limits than SEP IRAs
Which of the following statements regarding self-employed retirement accounts is true? a self-employed taxpayer who has hired employees may not set up an individual 401k
Which of the following is true concerning SEP IRAs"? taxpayers with a SEP IRA must contribute for their employees
Which pf the following statements concerning individual 401ks is false? individual 401ks are available only to self-employed taxpayers with 100 or fewer employees
Which of the following taxpayers is most likely to qualify for the saver's credit? a LOW AGI taxpayer who contributes to her employer's 401k plan
Created by: TChamberlain
 

 



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