federal income tax question, retirement strategies for
self-employed
Homework Answers
| Please give positive ratings so I can keep answering. It would help me a lot. Please comment if you have any query. Thanks! |
| Answer 1 |
| Employee elective contributions and employer non elective or matching contributions. |
| Answer 3 |
| A defined contribution plan where the employees split the profits. |
| Answer 4 |
| 401(k) |
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federal income tax question, retirement strategies for
self-employed
Question 1 of 10. Contributions to a SIMPLE...
federal income tax question Each penalty They may each take a tax-free distribution of $5,000, for...
federal income tax question
Each penalty They may each take a tax-free distribution of $5,000, for a total of $10.000 Mark for follow up Question 9 of 10 The attributes of a Health Saving Account used as a retirement savings account includes which of the following? After age 65, all distributions are tax-free. The funds can accumulate year after year with no required minimum distribution An individual can contribute up to $7.000 a year. Individuals over age 50 may contribute...
This is Accounting Question. You need to solve the problem. (This question contains content and provides...
This is Accounting Question. You need to solve the problem. (This question contains content and provides enough information to solve it) 1. Assume a corporate employer maintains a 401(k) profit sharing plan for its 6 employees in 2019. Employer contributions are allocated based on each employee’s compensation which is as follows: Employee Compensation A $500,000 B $120,000 C $80,000 D $60,000 E $50,000 F $40,000 Assume that all employees contribute the maximum amount, including the maximum elective deferral, to the...
federal income tax question Question 2 of 10. Jenna, a small business owner, started a SIMPLE-IRA...
federal income tax question
Question 2 of 10. Jenna, a small business owner, started a SIMPLE-IRA plan on January 1 2019. She makes a 3% matching contribution to the accounts. Her employees are as follows: • Henry, $24,000 compensation, defers 5% of salary • Justine, 535,000 compensation, defers 10% of salary • Niam, $40.000 compensation, defers 0% of salary Jenna's net self-employment income is $90.000 and she contributes 10% of her salary. How much does Jenna's business contribute in matching...
Question 40 of 50. cmma is a sole proprietor with one employee. She maintains a SIMPLE...
Question 40 of 50. cmma is a sole proprietor with one employee. She maintains a SIMPLE IRA in which she matches salary reduction contributions at the rate of 3% of the employee's compensation. Emma's own salary reduction contribucion Ana ner own employer match are both reported on Form 1040. The matching contribution she makes to her employees SIMPLE IRA is reported on Schedule C. na ner own employer match are both reported on Form 1040. The matching contributions she makes...
LJMark for tollow up Question 2 of 75 Wendy is a sole proprietor with one employee....
LJMark for tollow up Question 2 of 75 Wendy is a sole proprietor with one employee. She maintains a SIMPLE IRA in which she matches salary reduction contributions at the rate of 3% of the employee's compensation. Where on her tax return does she report her own contribution, and where does she report the contribution she makes on behalf of her employee? O Wendy's own salary reduction contribution and employer matches are reported on Schedule C because she has an...
Tullow up Question 46 of 75. Wendy is a sole proprietor with one employee. She maintains...
Tullow up Question 46 of 75. Wendy is a sole proprietor with one employee. She maintains a SAMPLE contributions at the rate of 3% of the employee's compensation. Wendy 15 a SIMPLE IRA in which she matches salary reduction Wendy's own salary reduction contron salary rede O And employer matching contributions are reporte utions are reported on Schedule C because she has an employee And her own employer match are both reported on Form 1040. The mat benant of her...
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.
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...
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...
tribution, and where does she report the contribution she makes on behalf of her employee? Wendy's...
tribution, and where does she report the contribution she makes on behalf of her employee? Wendy's own salary reduction contribution and employer matches are reported on Schedule C because she has an employee. Wendy's own salary reduction contribution and her own employer match are both reported on Form 1040: the matching tribution she makes on behalf of herself and her employee, as well as the employee's elective deferrals, are all reported on ys own salary reduction contribution and her own...
federal income tax question
Each penalty They may each take a tax-free distribution of $5,000, for a total of $10.000 Mark for follow up Question 9 of 10 The attributes of a Health Saving Account used as a retirement savings account includes which of the following? After age 65, all distributions are tax-free. The funds can accumulate year after year with no required minimum distribution An individual can contribute up to $7.000 a year. Individuals over age 50 may contribute...
federal income tax question
Question 2 of 10. Jenna, a small business owner, started a SIMPLE-IRA plan on January 1 2019. She makes a 3% matching contribution to the accounts. Her employees are as follows: • Henry, $24,000 compensation, defers 5% of salary • Justine, 535,000 compensation, defers 10% of salary • Niam, $40.000 compensation, defers 0% of salary Jenna's net self-employment income is $90.000 and she contributes 10% of her salary. How much does Jenna's business contribute in matching...
Question 40 of 50. cmma is a sole proprietor with one employee. She maintains a SIMPLE IRA in which she matches salary reduction contributions at the rate of 3% of the employee's compensation. Emma's own salary reduction contribucion Ana ner own employer match are both reported on Form 1040. The matching contribution she makes to her employees SIMPLE IRA is reported on Schedule C. na ner own employer match are both reported on Form 1040. The matching contributions she makes...
LJMark for tollow up Question 2 of 75 Wendy is a sole proprietor with one employee. She maintains a SIMPLE IRA in which she matches salary reduction contributions at the rate of 3% of the employee's compensation. Where on her tax return does she report her own contribution, and where does she report the contribution she makes on behalf of her employee? O Wendy's own salary reduction contribution and employer matches are reported on Schedule C because she has an...
Tullow up Question 46 of 75. Wendy is a sole proprietor with one employee. She maintains a SAMPLE contributions at the rate of 3% of the employee's compensation. Wendy 15 a SIMPLE IRA in which she matches salary reduction Wendy's own salary reduction contron salary rede O And employer matching contributions are reporte utions are reported on Schedule C because she has an employee And her own employer match are both reported on Form 1040. The mat benant of her...
tribution, and where does she report the contribution she makes on behalf of her employee? Wendy's own salary reduction contribution and employer matches are reported on Schedule C because she has an employee. Wendy's own salary reduction contribution and her own employer match are both reported on Form 1040: the matching tribution she makes on behalf of herself and her employee, as well as the employee's elective deferrals, are all reported on ys own salary reduction contribution and her own...
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