ZuoTi.Pro
Question

Chapter 10 - Question 2 : Can you give me an explain this question. Thanh you...

Chapter 10 - Question 2 :

Can you give me an explain this question. Thanh you

Question 2

Which of the following statements regarding 457 plans is(are) true?

An individual who defers $18,500 to his 403(b) plan during 2018 can also defer $18,500 to a 457 plan during 2018 (salary and plan permitting).

A 457 plan allows an executive of a tax-exempt entity to defer compensation into an ERISA protected trust.

In the final three years before normal retirement age, a participant of a government sponsored 457 plan may be able to defer $37,000 (2018) for the plan year.

A.            1 only.

B.            2 only.

C.            1 and 3.

D.            2 and 3.

business   accounting   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1

An nindividual sho defrs IE,his oh) plar dui Yes you car ct 2018 an also defes $/8,500 to a 457 Plan 2018 iplanstion The amount ơt salary defenaUyou an contribute to sehaement plans ㅨ tan individual limi t each alenda 。. no moter horp nant plans you au in multbe rtgatd these plan tpa 401CK) SARSEP t you auna 451 plan you have a s e a sapatlale limt a includes both employee an mployer contributor → A ust plan altas an executat ta to-exempt entlhy deka commpundati on nto an ERISA otected taust n the Anal tire yeats befire nosmo tiaument oqe ,a pasticapont of a Poveunmant ored plan mat he abe to de fer キ 35,000-b( the plan roarThe plan mot alloko a special nlast 3rar atch-up phich allovos you bo defes in the three yeaks befose ou Aeach the plans noamal seiement oge toice the h) limit in year the annua tb) iit plus anpounts elloused allow Paiox years hat you didnt contmbuke So an亼wer option

0 0
Add a comment
Know the answer?
Add Answer to:
Chapter 10 - Question 2 : Can you give me an explain this question. Thanh you...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • Chapter 10 : Question 6 Hi, Please help me to solve this question with detailed explain....

    Chapter 10 : Question 6 Hi, Please help me to solve this question with detailed explain. Thanks Henry Hobbs, age 42, has compensation of $72,000. The normal retirement age for his 457(b) plan is age 62. Henry has unused deferrals totaling $21,000 as of the beginning of the year. How much can Henry defer into his 457(b) public plan for 2018?    A.    $18,500    B.    $24,500    C.    $27,000.    D.    $37,000.

  • Question 2 - Chapter 5 : Calculate the maximum contribution in 2018 for a 52-year-old employee...

    Question 2 - Chapter 5 : Calculate the maximum contribution in 2018 for a 52-year-old employee earning $140,000 annually, working in a company with the following retirement plans: (1) a 401(k) with no employer match, and (2) a money-purchase plan with an employer contribution equal to 12% of salary:    A. $16,800 B. $18,500 C. $24,500 D. $41,300 E. $55,000 Question 3 - Chapter 5 : Jack and Jill own a successful engineering company, which sponsors a 401(k) plan that...

  • Chapter 10 - Question 10 : Please give an explain on these items. Thank you If...

    Chapter 10 - Question 10 : Please give an explain on these items. Thank you If an employee earning $60,000 had access to multiple plans, which combination would allow for the largest contribution, including both employer and employee contributions?            401(k) plan and profit sharing plan.            Governmental 457(b) plan and a 403(b) plan.            Profit sharing plan and SEP.            401(k) plan and a 403(b) plan.

  • Chapter 9 - Question 2 : Please, give me the explain on these plan. Thank you...

    Chapter 9 - Question 2 : Please, give me the explain on these plan. Thank you Participation in which of the following plans will not be considered active participation for purposes of IRA deductibility? A.            Tax sheltered annuity. B.            Simplified employee pension. C.            SIMPLE. D.            457 plan.

  • Chapter 8 - Question 6 : Please, help me to explain this question. Thank you ABC...

    Chapter 8 - Question 6 : Please, help me to explain this question. Thank you ABC Corporation, is considering implementing some form of retirement plan. The client’s objectives for the plan, in order of importance, are: 1.   Rewarding long-term employees 2.   Retention of employees 3. Providing a level of income at retirement equal to 50% of an employee’s earnings 4.   Tax-deductible funding 5. No risk to employees of benefits available The company indicates it is willing to contribute an amount...

  • 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...

  • Chapter 8 - Question 9 : Help me to explain this. Thank you Which of the...

    Chapter 8 - Question 9 : Help me to explain this. Thank you Which of the following statements concerning an employer’s responsibilities associated with a qualified retirement plan is (are) correct? (1) Summary Plan Descriptions must be given to participants within 90 days of eligibility. (2) The employer has a fiduciary responsibility to the participants. A.    (1) only B.    (2) only C.    Both (1) and (2) D.    Neither (1) nor (2)

  • Chapter 9 - Question 4 : Help me to explain this question. Thank you Dave, single...

    Chapter 9 - Question 4 : Help me to explain this question. Thank you Dave, single and age 53, is a participant of his employer’s qualified profit sharing plan. For the current year he received a forfeiture allocation of $250, but the employer did not make any other contribution for the year. Dave would like to make an IRA contribution. If Dave’s AGI is $79,000 (all comprised of W-2 earnings and portfolio income), what is the maximum IRA contribution Dave...

  • 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...

  • can someone please help me with this Question 2 (10 marks) From the following details provided...

    can someone please help me with this Question 2 (10 marks) From the following details provided by Mark Ltd, prepare (0) a detailed multi-step Income Statement for the year ended 30 June 2018 () a classified Balance sheet as at 30 June 2018 (4 marks) (6 marks) 262,000 Sales revenue Accounts receivable 238,000 A Cost of Sales Lnventory Salary expense Prepaid rent -Rent expense 512,000 68, 000 Goodwil 90,000 Annual depreciation on Building Building Advertisins expense Accumulated depredlation on Building...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT