Which of the following describe differences between a tax-advantaged retirement plan and a qualified plan? IRA-funded employer-sponsored tax-advantaged plans may not incorporate loan provisions. Employer stock distributions from a tax-advantaged plan do not benefit from NUA tax treatment.

Which of the following may be ordinary income? Salary Government pension Lottery winnings Rent from an investment property   a. 1, 2, and 4 only   b. 1 only   c. 1 and 2 only   d. 1, 2, 3, and 4

Public pension funds are those funds administered by O A. federal, state, or local government (e.g., Social Security) B. A private company such as Apple O C.A self-employed individual, like your professor D. None of the above

In a Traditional IRA or 401(k): O A. Contributions are tax deductible B. Withdrawals in retirement are taxable OC. Neither A nor B O D. Both A & B

S1: Under a defined contribution plan, the amount of a participant’s future benefits is determined by the contributions paid by the employer, the participant, or both, and the operating efficiency and investment earnings of the fund. S2: Under a defined benefit plan, the payment of promised retirement benefits depends on the financial position of the plan and the ability of contributors to make future contributions to the plan as well as the investment performance and operating efficiency of the plan. Only S1 is true None is true Only S2 is true Both are true

Which of the following is not an item deducted from salary expense to arrive at net pay? Multiple Choice O O FICA tax for Social Security FICA tax for Medicare These answer choices are all deducted from salary expense to arrive at net pay Federal unemployment tax

Question 5: Which of the following employee taxes is matched by the employer? Answer: А. State unemployment tax Federal income tax C. Medicare tax D. Federal unemployment tax B.

Which of the following taxes is paid by the employee and the employer? a.SUTA b.Federal withholding taxes c.FUTA d.FICA   3

Mulitple choice question   When are liabilities recognized for the federal Social Security program? Select one: a. When benefits are paid to the recipients b. When benefits are earned by the recipients c. When benefits are due and payable at the end of a reporting period d. When the social security trust fund receives cash from employees and employers

Question 11: Which statement about calculating taxable earnings for Social Security tax is accurate? Answer: A. 401(k) contributions are taxable for Social Security tax and are subtracted from gross pay when calculating taxable earnings for that tax. В. O 401(k) contributions are taxable for Social Security tax and are not subtracted from gross pay when calculating taxable earnings for that tax. С. O 401(k) contributions are not taxable for Social Security tax and are subtracted from gross pay when calculating taxable earnings for that tax. D. O 401(k) contributions are not taxable for Social Security tax and are not subtracted from gross pay when calculating taxable earnings for that tax.