Final Exam Chapter 13 Review
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
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| Which of the following statements is true regarding employer-provided qualified retirement plans? | show 🗑
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| show | provides fixed income to the plan participants based on a formula
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| show | employees bear the investment risks of the plan
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| show | when an employees benefits vest, she is legally entitled too receive the benefits
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| Which of the following best describes distributions from a defined benefit plan? | show 🗑
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| show | none of these is a true statements
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| Which of the following describes a defined contribution plan? | show 🗑
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| show | employers bear investment risk relating to the plan
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| show | are allowed....are taxed
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| show | the tax laws limit the sum of the employer and employee contributions to a defined contribution plan
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| When employees contribute to a Roth 401k account they _____ allowed to deduct the contributions and they ______ taxed on the distributions from the plan. | show 🗑
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| show | distributions from a traditional 401k account and a Roth 401k account are both subject to minimum distribution penalties
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| Which of the following best describes distributions from a traditional defined contribution plan? | show 🗑
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| 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? | show 🗑
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| Which of the following statements is true regarding taxpayers receiving distributions from traditional defined contribution plans? | show 🗑
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| Which of the following statements regarding a Roth IRA is false? | show 🗑
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| Which of the following statements is true regarding distributions from Roth 401k accounts? | show 🗑
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| Which of the following is true concerning employer funding of non qualified deferred compensation plans? | show 🗑
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| Which of the following statements concerning nonqualified dividend deferred compensation plans is true? | show 🗑
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| show | a single taxpayer with no earned income is not allowed to deduct contributions to a traditional IRA
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| show | taxpayers who have made nondeductible contributions to a traditional IRA are taxed on the full proceeds when they receive distributions from the IRA
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| show | 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
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| Which of the following statements regarding Roth IRA is false? | show 🗑
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| Which of the following statements regarding Roth IRA distributions is true? | show 🗑
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| Which of the following is not a self-employed retirement account? | show 🗑
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| show | all of these are true statements
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| show | individual 401ks have higher contribution limits than SEP IRAs
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| show | a self-employed taxpayer who has hired employees may not set up an individual 401k
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| show | taxpayers with a SEP IRA must contribute for their employees
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| show | individual 401ks are available only to self-employed taxpayers with 100 or fewer employees
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| Which of the following taxpayers is most likely to qualify for the saver's credit? | show 🗑
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Created by:
TChamberlain