Homework Answers
Answer -available to all owners over age 59½
If a loan is to be provided from a section 401(k) profit sharing plan and is not to be considered a taxable distribution, it must be available to all owners over age 59½.
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If a loan is to be provided from a Section 401(k) profit-sharing plan and is NOT...
36. What is a difference between a traditional Section 401(k) and a Section 401(k) plan established...
36. What is a difference between a traditional Section 401(k) and a Section 401(k) plan established as part of a SIMPLE? A. The SIMPLE 401(k) may not include loan or hardship withdrawal provisions similar to the traditional Section 401(k). B. The SIMPLE 401(k) does not require a mandatory employer contribution, unlike a traditional Section 401(k). C. The elective deferral amounts that are possible in a SIMPLE 401(k) are greater than those permitted in the traditional Section 401(k) plan form. D....
Colin owns and operates Colin's Creative Coaching (3C), a sole proprietorship. 3C sponsors a 401(k)/ profit-sharing...
Colin owns and operates Colin's Creative Coaching (3C), a sole proprietorship. 3C sponsors a 401(k)/ profit-sharing plan. Colin had net income of $200,000 and paid self-employment taxes of $20,000 (assumed) during the year. Assuming Colin is over the age of 50, what is the maximum amount that Colin and his company can contribute on his behalf to the plan for 2020? a. $25,000. b. $57,000. c. $63,500. d. $64,000.
Hi, Please help me to solve these questions with detail explanation . Thanks Question 4 Dustin,...
Hi, Please help me to solve these questions with detail explanation . Thanks Question 4 Dustin, who is 48 years old, works for Pinnacle Inc., with a salary of $300,000, a car allowance, and a very nice expense account. Pinnacle is a Fortune 1,000 company that sponsors a defined benefit plan that pays 2 percent times years of participation times the average of the three final years of compensation. In addition, Pinnacle sponsors a 401(k) / profit sharing plan and...
peter molloy is considering making a contribution to an IRA, but his employer has a profit-sharing...
peter molloy is considering making a contribution to an IRA, but his employer has a profit-sharing plan. Plan benefits vest over 6 years, and peter is 60% vested. The employer made no contribution to the plan for the year. No employees have terminated during the year. Which of the following statements concerning Peter’s contribution to an IRA is correct? peters contribution will not be deductible because contributions are not required every year to profit-sharing plan. Peters contribution will be deductible...
Keisha (50 years of age) is considering whether to participate in her company's Roth 401(k) or tr...
Keisha (50 years of age) is considering whether to participate in her company's Roth 401(k) or traditional 401(k). This year, she plans to invest either $4,000 in a Roth 401(k) or $5,000 in a traditional 401(k). Keisha plans on leaving the contribution in the retirement account for 20 years when she will receive a distribution of the entire balance in the account. Her employer does not have a matching program for employee contributions to retirement accounts. Assume Keisha can earn...
11. Evaluating employer plans Aa Aa E What Retirement Plan Options Are Available? You are either...
11. Evaluating employer plans Aa Aa E What Retirement Plan Options Are Available? You are either a current employee or a future one, and it is your responsibility to make sure that you familiarize yourself with the basic and supplemental (voluntary) plans an employer may offer, Recall that there are noncontributory and contributory pension plans. These often stipulate vesting requirements. Within these type of plans, there is a defined contribution plan or a defined benefit plan. Also, many employers offer...
Question 11 pts In Melvin's defined benefit plan, the actuary noted that life expectancy for retirees...
Question 11 pts In Melvin's defined benefit plan, the actuary noted that life expectancy for retirees of Melvin's defined benefit plan is increasing at an above average rate for the fifth year in a row. The impact on plan costs of this trend would be to lower plan costs. T/F? True False Flag this Question Question 21 pts Shurfine, Inc. has a defined pension plan for the benefit of its employees. Over the last five years, the assets of the...
John and Jane Doe are married retired taxpayers who care for their three-year-old grandson. The following...
John and Jane Doe are married retired taxpayers who care for
their three-year-old grandson. The following information was
provided to you as documentation necessary to prepare their 2017
tax return. You will gather the appropriate information and
complete the forms provided in Blackboard (1040, Schedule A,
Schedule B and Schedule D) in preparation of their tax file. Please
note that the forms provided may not match the tax year of the
course, as IRS forms are not available until just...
Caterpillar Inc. 2017 2016 5 S 51,822 2,900 54,722 42,676 2,786 45,462 35,773 2,764 38,537 STATEMENT...
Caterpillar Inc. 2017 2016 5 S 51,822 2,900 54,722 42,676 2,786 45,462 35,773 2,764 38,537 STATEMENT 1 Consolidated Results of Operations for the Years Ended December 31 Dollar is willions cat pershare dal Sales and revenues Sales of Machinery, Energy & Transportation Revenues of Financial Products Total sales and revenues Operating costs Cost of goods sold Selling, general and administrative expenses Research and development expenses Interest expense of Financial Products Goodwill impairment charge Other operating incomel expenses Total operating costs...
Please list 5 inherent risk related items the assignment requires to list 5 inherent risks from...
Please list 5 inherent risk related items
the
assignment requires to list 5 inherent risks from the description
of the company that an auditor may take when deciding to accept
this new client.
Emphasis Heading 1 Heading 2 Heading 3 Heading 4 Description of Southwest Appliance, Inc. History and Corporate Structure Southwest Appliances, Inc. specializes in supplying a relatively small line of high-quality household appliances to residential construction contractors in a large and growing metropolitan area. Southwest has a large...
36. What is a difference between a traditional Section 401(k) and a Section 401(k) plan established as part of a SIMPLE? A. The SIMPLE 401(k) may not include loan or hardship withdrawal provisions similar to the traditional Section 401(k). B. The SIMPLE 401(k) does not require a mandatory employer contribution, unlike a traditional Section 401(k). C. The elective deferral amounts that are possible in a SIMPLE 401(k) are greater than those permitted in the traditional Section 401(k) plan form. D....
Colin owns and operates Colin's Creative Coaching (3C), a sole proprietorship. 3C sponsors a 401(k)/ profit-sharing plan. Colin had net income of $200,000 and paid self-employment taxes of $20,000 (assumed) during the year. Assuming Colin is over the age of 50, what is the maximum amount that Colin and his company can contribute on his behalf to the plan for 2020? a. $25,000. b. $57,000. c. $63,500. d. $64,000.
11. Evaluating employer plans Aa Aa E What Retirement Plan Options Are Available? You are either a current employee or a future one, and it is your responsibility to make sure that you familiarize yourself with the basic and supplemental (voluntary) plans an employer may offer, Recall that there are noncontributory and contributory pension plans. These often stipulate vesting requirements. Within these type of plans, there is a defined contribution plan or a defined benefit plan. Also, many employers offer...
John and Jane Doe are married retired taxpayers who care for
their three-year-old grandson. The following information was
provided to you as documentation necessary to prepare their 2017
tax return. You will gather the appropriate information and
complete the forms provided in Blackboard (1040, Schedule A,
Schedule B and Schedule D) in preparation of their tax file. Please
note that the forms provided may not match the tax year of the
course, as IRS forms are not available until just...
Caterpillar Inc. 2017 2016 5 S 51,822 2,900 54,722 42,676 2,786 45,462 35,773 2,764 38,537 STATEMENT 1 Consolidated Results of Operations for the Years Ended December 31 Dollar is willions cat pershare dal Sales and revenues Sales of Machinery, Energy & Transportation Revenues of Financial Products Total sales and revenues Operating costs Cost of goods sold Selling, general and administrative expenses Research and development expenses Interest expense of Financial Products Goodwill impairment charge Other operating incomel expenses Total operating costs...
Please list 5 inherent risk related items
the
assignment requires to list 5 inherent risks from the description
of the company that an auditor may take when deciding to accept
this new client.
Emphasis Heading 1 Heading 2 Heading 3 Heading 4 Description of Southwest Appliance, Inc. History and Corporate Structure Southwest Appliances, Inc. specializes in supplying a relatively small line of high-quality household appliances to residential construction contractors in a large and growing metropolitan area. Southwest has a large...
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