Homework Answers
1. False [ Defined benefit plans are employer sponsored]
2. False [ The limit is not determined as per income tax purpose but a monetary limit of $56000 or 100% of total compensation which ever is less for 2019]
3. Option ,vested
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QUESTION 1 Typical defined benefit plans require contributions by both employer and employee True False QUESTION...
The interest cost included in the annual pension cost recorded by an employer sponsoring a defined benefit pension plan...
The interest cost included in the annual pension cost recorded by an employer sponsoring a defined benefit pension plan represents the a) difference between the expected and actual return on plan assets. b) increase in the defined benefit obligation due to the passage of time. c) increase in the fair value of plan assets due to the passage of time. d) interest earned on the plan assets for the year. An experience gain or loss (adjustment) is a) additional...
Course- Introduction to Taxation (Canadian) 1. A $100 cash award given for exceptional customer service' by...
Course- Introduction to Taxation (Canadian) 1. A $100 cash award given for exceptional customer service' by an employer to an employee, is a tax-free benefit. True or False 2. An allowance may only be considered unreasonable if it is too high. True or False 3. In some cases, an employee can receive a tax-free benefit, while the employer can deduct the cost of providing the benefit from their business income. True or False 4. The primary advantage of deferred compensation...
federal income tax question, retirement strategies for self-employed Question 1 of 10. Contributions to a SIMPLE...
federal income tax question, retirement strategies for
self-employed
Question 1 of 10. Contributions to a SIMPLE IRA are limited to: Employee elective contributions only Employer nonelective contributions only. Employee elective contributions and employer nonelective or matching contributions. Employee elective contributions and employer matching contributions. Mark for follow up Question 2 of 10. Question 3 of 10 A profit-sharing plan is: A defined contribution plan where the employees split the profits A plan where the employer must make discretionary contributions each...
Which of the following statements about defined contribution plans is incorrect? a. Defined benefit plans are...
Which of the following statements about defined contribution plans is incorrect? a. Defined benefit plans are used more often by large corporations than by small companies b. In a defined contribution plan, the employer must make larger-than-average contributions to the pension plan when investment returns have been below expectations. c. In general, employees can choose the investment vehicle under a defined contribution plan. Thus, highly risk-averse employees can choose low-risk investments, while more risk-tolerant employees can choose high-risk Investments d....
1. True or False: Under IFRS ,valuation allowances for deferred tax assets are not recorded. 2. True or False: To improv...
1. True or False: Under IFRS ,valuation allowances for deferred tax assets are not recorded. 2. True or False: To improve usefulness of defined pension plans, GAAP requires disclosure of reconciliations of the beginning and ending amounts of the projected benefit obligation, including the amounts of the service cost, interest cost, actuarial gains and losses, benefits paid, and plan amendments. 3. Which of the following pension-related definitions is not correct? a. Present value is the current worth of an amount...
46. Shock Limited just established a simplified employee pension (SEP) plan for the benefit of its...
46. Shock Limited just established a simplified employee pension (SEP) plan for the benefit of its employees. The company has more than 500 employees, 60% of whom are highly compensated. This year, Shock contributed 6% of each eligible employee's salary to the SEP plan. Several of the employees of the company are unfamiliar with the provisions of SEP plans and have come to you requesting information. Which of the following statements regarding the basic provisions of SEP plans are CORRECT?...
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...
1. payroll administrators are advised to confirm charitable agency's registration with the CRA by: a. Using...
1. payroll administrators are advised to confirm charitable agency's registration with the CRA by: a. Using the CRA search website b.Using the Mozilla search website c.Calling the agency directly d.Calling the local police e.Calling Service Canada 2. Which deductions must be calculated first in payroll processing? a. Statutory deduction b. Garnishment orders c. Employer compulsory deductions d. Employer voluntary deductions e. Deduction order is irrelevant 3. the following statement is not true regarding employer sponsored Registered Retirement Savings Plans. a....
Indicate whether the following statements are "True" or "False" regarding the exclusion treatment of employee fringe...
Indicate whether the following statements are "True" or "False" regarding the exclusion treatment of employee fringe benefits under ยง 132. a. Under the no-additional-cost service type of fringe benefit, the employer does not incur substantial additional cost, including forgone revenue, in providing the services to the employee. b. In the case of services, the qualified employee discount exclusion is limited to 5 percent of the customer price. c. For working condition fringes, generally, an employee is not required to include...
Question 4 (1 point) Which of the following plans may be eligible for a 10-year forward...
Question 4 (1 point) Which of the following plans may be eligible for a 10-year forward averaging for tax purposes if a qualifying lump-sum distribution is made? 1. Traditional profit-sharing plan 11. Simplified employee pension (SEP) plan III. Individual retirement account (IRA) IV. Section 403(b) tax-deferred annuity 0 1 only 11 and land IV 1111 and TV
federal income tax question, retirement strategies for
self-employed
Question 1 of 10. Contributions to a SIMPLE IRA are limited to: Employee elective contributions only Employer nonelective contributions only. Employee elective contributions and employer nonelective or matching contributions. Employee elective contributions and employer matching contributions. Mark for follow up Question 2 of 10. Question 3 of 10 A profit-sharing plan is: A defined contribution plan where the employees split the profits A plan where the employer must make discretionary contributions each...
Which of the following statements about defined contribution plans is incorrect? a. Defined benefit plans are used more often by large corporations than by small companies b. In a defined contribution plan, the employer must make larger-than-average contributions to the pension plan when investment returns have been below expectations. c. In general, employees can choose the investment vehicle under a defined contribution plan. Thus, highly risk-averse employees can choose low-risk investments, while more risk-tolerant employees can choose high-risk Investments d....
46. Shock Limited just established a simplified employee pension (SEP) plan for the benefit of its employees. The company has more than 500 employees, 60% of whom are highly compensated. This year, Shock contributed 6% of each eligible employee's salary to the SEP plan. Several of the employees of the company are unfamiliar with the provisions of SEP plans and have come to you requesting information. Which of the following statements regarding the basic provisions of SEP plans are CORRECT?...
Indicate whether the following statements are "True" or "False" regarding the exclusion treatment of employee fringe benefits under ยง 132. a. Under the no-additional-cost service type of fringe benefit, the employer does not incur substantial additional cost, including forgone revenue, in providing the services to the employee. b. In the case of services, the qualified employee discount exclusion is limited to 5 percent of the customer price. c. For working condition fringes, generally, an employee is not required to include...
Question 4 (1 point) Which of the following plans may be eligible for a 10-year forward averaging for tax purposes if a qualifying lump-sum distribution is made? 1. Traditional profit-sharing plan 11. Simplified employee pension (SEP) plan III. Individual retirement account (IRA) IV. Section 403(b) tax-deferred annuity 0 1 only 11 and land IV 1111 and TV
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