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FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Please provide only the explanation part.I have attached the answer to it. please do not skip.will definitely upvote.just try plse.it would really help

STEP 1 Retirement plan: Retirement plan is defined as the process in which each individual determines the goal for is retirement income and the procedure to be followed to attain such goal. It includes planning for expenses, saving and identifying the sources from which income can be generated. STEP 2 Sole Smaller S Plan Large company Non profit proprietorship corporation IRA M Simple IRA H Roth IRA M H SEP Keogh H Simple Sec 401 |(k) H H Independent Sec 401 (k) Sec 401 (k)* H H H H Defined H H contribution Defined benefit H Cash balance L H Sec 403(b)/ Sec 457 (b) L STEP 3 Note: IRA stands for individual retirement accounts. SEP is good for self-employed proprietor only. Keogh is good for unincorporated business entities. Sec 401 plans are good for companies with lower number of employees. Cash balance is good for business generating higher profits. |
Transcribed Image Text:STEP 1 Retirement plan: Retirement plan is defined as the process in which each individual determines the goal for is retirement income and the procedure to be followed to attain such goal. It includes planning for expenses, saving and identifying the sources from which income can be generated. STEP 2 Sole Smaller S Plan Large company Non profit proprietorship corporation IRA M Simple IRA H Roth IRA M H SEP Keogh H Simple Sec 401 |(k) H H Independent Sec 401 (k) Sec 401 (k)* H H H H Defined H H contribution Defined benefit H Cash balance L H Sec 403(b)/ Sec 457 (b) L STEP 3 Note: IRA stands for individual retirement accounts. SEP is good for self-employed proprietor only. Keogh is good for unincorporated business entities. Sec 401 plans are good for companies with lower number of employees. Cash balance is good for business generating higher profits. |
Research Problem 8. Using the blank chart below, determine the appropriateness of the type of retirement plan for the four types of entities. Use the following nomen- clature: H: high appropriateness, M: moderate appropriateness, L: low or no appro- priateness, NA: not applicable. In addition to information in this chapter, also review resources at the IRS website and other reliable websites. Sole Smaller S Plan Proprietorship Corporation Large Company Nonprofit IRA SIMPLE IRA Roth IRA SEP Кeogh SIMPLE S 401 (k) Independent § 401(k) (no employees) § 401(k)* Defined Contribution Defined Benefit Cash balance § 403(b)/ § 457(b)
Transcribed Image Text:Research Problem 8. Using the blank chart below, determine the appropriateness of the type of retirement plan for the four types of entities. Use the following nomen- clature: H: high appropriateness, M: moderate appropriateness, L: low or no appro- priateness, NA: not applicable. In addition to information in this chapter, also review resources at the IRS website and other reliable websites. Sole Smaller S Plan Proprietorship Corporation Large Company Nonprofit IRA SIMPLE IRA Roth IRA SEP Кeogh SIMPLE S 401 (k) Independent § 401(k) (no employees) § 401(k)* Defined Contribution Defined Benefit Cash balance § 403(b)/ § 457(b)
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