Which of the following plans would be least appealing to an employer looking to 1) maximize...
Which of the following plans would be least appealing to an employer looking to 1) maximize benefits for older employees, 2) give long-term employees a secure and specified retirement income, and 3) tie employees to the company through the benefit program?
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Which of the following plans would be least appealing to an
employer looking to 1) maximize...
Answer the following questions relative to employer-financed medical and health, disability, and life insurance plans. a....
Answer the following questions relative to employer-financed medical and health, disability, and life insurance plans. a. May employers deduct premiums paid on employee insurance? b. Do employees have to include such premiums in gross income? c. Are benefits paid to the employee included in the employee's gross income? a. May employers deduct premiums paid on employee insurance? Employers deduct the cost of premiums paid on medical, health, disability and life insurance coverage for employees. b. Do emplo ude such premiums...
11. Which of the following can be a potential legal problem for an employer who institutes...
11. Which of the following can be a potential legal problem for an employer who institutes an early retirement program to try to thin out the older workforce? A. If the plan applies only to male employees. B. If the plan applies only to female employees. C. If the plan is mandatory. D. All of the above.
QUESTION 1 Typical defined benefit plans require contributions by both employer and employee True False QUESTION...
QUESTION 1 Typical defined benefit plans require contributions by both employer and employee True False QUESTION 2 Contributions to a defined contribution retirement plan are limited to the maximum amount that can be deducted from income for tax purposes. No excess contributions are allowed True False QUESTION 3 What term describes the portion of contributions/investments in a tax-deferred retirement plan that are owned by the employee? Underfunded Enrolled Distrubuted Vested
1)Which of the following is an important difference between qualified and nonqualified retirement plans? a. Qualified...
1)Which of the following is an important difference between qualified and nonqualified retirement plans? a. Qualified plans provide benefits for retirees who were high-performing employees, while nonqualified plans provide benefits for retirees whose performance did not meet minimum job expectations. b. Employer contributions are deductible when paid to a qualified plan, but deductible when paid to the employee under a nonqualified plan. c. Employer contributions to nonqualified plans are subject to dollar limits, but contributions to qualified plans are unlimited. d. Earnings of...
THIS IS FOR AN EMPLOYEE BENEFITS AND RETIREMENT CLASS. QUALIFIED PLANS WOULD BE SOMETHING LIKE A...
THIS IS FOR AN EMPLOYEE BENEFITS AND RETIREMENT CLASS. QUALIFIED PLANS WOULD BE SOMETHING LIKE A 401K, IRA, ETC. Next week we are going to discuss establishing, administering and terminating qualified plans. Assume you are 50 years old. You have started your own business and you have 5 employees. You have decided to add a qualified plan to your employee benefit package. Tell me the following (you can assume whatever you want with regards to your answers): 1. What plan...
Why are cafeteria plans helpful in the design of an employee beneft plan that provides nontaxableringe...
Why are cafeteria plans helpful in the design of an employee beneft plan that provides nontaxableringe benefits? O A Under a cafeteria pian employees may select which benefits they wish to receive and select the terms that they feel are most beneficial For example, single employees are often not interested in te insurance coverage OB. Under a cafeteria plan employees may select which benefits they wish to receive throughout the year. For example they are not restricted to yearly elections,...
Jim, age 52, just started a consulting company. He currently employs seven people, who range in...
Jim, age 52, just started a consulting company. He currently employs seven people, who range in age from 22 to 31. Jim estimates that the average employment period for his employees will be about three years. He would like to start a retirement plan that will favor older participants and contain an appropriate vesting schedule to maximize Jim's benefits. In addition, he would like the employees to bear the investment risk of the plan. He is considering a SEP plan,...
Grinders Manufacturing faces some tough questions as the organization moves to expand operations. The 75-year old...
Grinders Manufacturing faces some tough questions as the organization moves to expand operations. The 75-year old company, with more than 400 employees, produces machine parts, and a new market opportunity will allow the company to expand operations and build a new facility. While Grinders is a business that has endured the test of time, the company has faced many challenges over the past several decades. At one point in the mid 1960s, the company had more than 800 employees. A...
1. Which of the following payments is not a taxable benefit to the employees? Multiple Choice...
1. Which of the following payments is not a taxable benefit to the employees? Multiple Choice Premiums for group term life insurance. Gym membership fees to improve the employee's general health and job performance. Public transit pass costs for the employee to get to and from work. Physical health counselling services fees. 2. An employer paid the following amounts for the employee: preparation of personal tax return, to minimize stress ($300); laptop computer to use at work and at home...
Case 1 1. If Ben continued working until he turned 64, would he be able to...
Case 1
1. If Ben continued working until he
turned 64, would he be able to claim Social Security `benefits, and
if so, what percentage of his full benefit would he receive?
2. If Ben was in an accident and
passed away before retiring, would his wife receive any Social
Security benefits? Why or why not?
3. Ben is enrolled in a defined
benefit pension plan with his employer. How does this differ from a
defined contribution program?
Case 2...
Answer the following questions relative to employer-financed medical and health, disability, and life insurance plans. a. May employers deduct premiums paid on employee insurance? b. Do employees have to include such premiums in gross income? c. Are benefits paid to the employee included in the employee's gross income? a. May employers deduct premiums paid on employee insurance? Employers deduct the cost of premiums paid on medical, health, disability and life insurance coverage for employees. b. Do emplo ude such premiums...
11. Which of the following can be a potential legal problem for an employer who institutes an early retirement program to try to thin out the older workforce? A. If the plan applies only to male employees. B. If the plan applies only to female employees. C. If the plan is mandatory. D. All of the above.
QUESTION 1 Typical defined benefit plans require contributions by both employer and employee True False QUESTION 2 Contributions to a defined contribution retirement plan are limited to the maximum amount that can be deducted from income for tax purposes. No excess contributions are allowed True False QUESTION 3 What term describes the portion of contributions/investments in a tax-deferred retirement plan that are owned by the employee? Underfunded Enrolled Distrubuted Vested
Why are cafeteria plans helpful in the design of an employee beneft plan that provides nontaxableringe benefits? O A Under a cafeteria pian employees may select which benefits they wish to receive and select the terms that they feel are most beneficial For example, single employees are often not interested in te insurance coverage OB. Under a cafeteria plan employees may select which benefits they wish to receive throughout the year. For example they are not restricted to yearly elections,...
Case 1
1. If Ben continued working until he
turned 64, would he be able to claim Social Security `benefits, and
if so, what percentage of his full benefit would he receive?
2. If Ben was in an accident and
passed away before retiring, would his wife receive any Social
Security benefits? Why or why not?
3. Ben is enrolled in a defined
benefit pension plan with his employer. How does this differ from a
defined contribution program?
Case 2...
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