How many years of vesting service would an employee need in order to be considered 60% vested under a six-year graduated vesting schedule? Select one: a. 2 b. 4 c. 5 d. 6 e.
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How many years of vesting service would an employee need in order to be considered 60% vested under a six-year graduated vesting schedule?
2
4
5
6
3
As per IRS in order to be considered 60% vested under a six-year graduated vesting schedule
For an defined contribution retirement plan is
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- Additional questions: 20. Surf School Ltd has six employees who are entitled to long-service leave (LSL). The LSL can be taken after 10 years of service, at which time the employee is entitled to 13 weeks' leave. Entitlements to payment on departure arise after eight years of service. The following information about the employees is available: No. of employees 2 2 2 Current salary Years of of employees service ($) 50,000 65,000 70,000 6 7 8 Probability (%) that LSL will be paid 45 70 100 Periods to maturity 4 3 2 High-quality corporate bond rate (%) 9 7 6 Employees' salaries are expected to increase by 2.5 per cent per annum. The opening balance of the LSL provision was $32 500, and the interest rate for corporate bonds for all relevant periods to maturity was 8 per cent at the beginning of the year. Required: a) What is the accounting journal entry to record LSL expense for the current period (round amounts to the nearest dollar)?sEXHIBIT 13-1 Defined Benefit Plans Minimum Vesting Schedules* 5-Year Cliff 7-Year Graded Full Years of Service 1 0% 0% 2 0 0 3 0 20 4 0 40 5 100 60 6 N/A 80 7 N/A 100 CAM, Inc provides a defined benefit plan to its employees. Under the plan, employees earn a benefit equal to 1.2 percent for every year of service of their average salary for their three highest years of compensation. CAM implements a seven-year graded vesting schedule as part of the plan. If Hadley works for CAM for four years, earning annual salaries of $42,490, $46,220, $51,880, and $56,260, and then leaves to work for another employer at the beginning of her 5th year, what annual benefit would she be entitled to receive (her vested benefit)? swered 465,990 Answer 988 margin of error +/- 2
- Oregon Company's employees are eligible for retirement with benefits at the end of the year in which both age 60 is attained and they have completed 35 years of service. The benefits provide 15 years' reimbursement for health care services of $37,000 annually, beginning one year from the date of retirement. Ralph Young was hired at the beginning of 1988 by Oregon after turning age 22 and is expected to retire at the end of 2026 (age 60). The discount rate is 4%. The plan is unfunded. The PV of an ordinary annuity of $1 where n=15 and /= 4% is 11.11839. The PV of $1 where n = 2 and /= 4% is 0.92456. With respect to Ralph, what is the interest cost to be included in Oregon's 2025 postretirement benefit expense, rounded to the nearest dollar? Multiple Choice О $14,434 О $14,509 О $15,398 None of these answer choices are correct Activate Wir Go to Settings tothe end of Year 1, Carrot Company revised the pension benefit formula for its defined benefit pension plan to crease benefits earned in prior years. The actuarial present value of the increased benefits is $200, the average maining service life of the employees affected by the change is 10 years, and Carrot will use the average emaining service life method for this change. Which of the following will be included in the journal entry to record this change to the pension? O Credit to prior service cost for $20 Debit to projected benefit obligation for $200 O Credit to projected benefit obligation for $20 O Debit to prior service cost for $200 O Debit to pension expense for $200An employer is subject to FUTA requirements when its wages paid for the quarter exceed: a. 51,300 b. 5,000 c. 1,500 d. 3,000
- D4)Most states require 150 semester Hours of college credit for which professional certification?Mr. X was an employee with the following information from his employment in 2020. Salaries and wages - $27,000 RRSP contribution in 2020 - $5,500 Membership dues paid by Mr. X - $500 Calculate Mr. X's the net employment income for 2020? Question 7 options: a) $21,500 b) $27,500 c) $21,000 d) $27,000
- Subject: acountingTax Drill - Work Opportunity Credit During 2020, Lincoln Company hires seven individuals who are certified to be members of a qualifying targeted group. Each employee works in excess of 600 hours and is paid wages of $7,500 during the year. Lincoln Company's work opportunity credit is $Please help solve
