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- QUESTION 18 A tax-advantaged pension plan, such as a 401(k), that both employer and employee may contribute that allows for retirement saving is called a: defined contribution defined benefit plan O a pension plan All of these are trueQuestion 19 Which of the following correctly describes defined benefit (DB) pension plans? A- A typical example of DB plan is 401(K) savings account B- Retirement benefits depend on how much money has accumulated in an individual's account. C- Employers never need to report a liability related to DB plans D- Retirement benefits are based on the plan benefit formula. O A O BQUESTION 9 Private (employer) sources for funding your retirement could include all of the following, except: A. Pension O B. Personal Roth IRA C. 401 (k) Plan O D. Cash balance plans
- Question 5 The calculation used by Social Security to calculate retirement benefits is meant to replace a(n) of preretirement income for low-income retirees than for high-income retirees equal percentage O larger percentage smaller percentage equal amountQuestion 17 S1: Employee-sponsored retirement plans can be categorized into two: current service cost and projected benefit obligation. S2: Liabilities pertains to the settlements which resulted in an outflow of resources embodying economic benefits. S3: PAS 19, provides that only the unvested past service costs shall be recognized as expense immediately. one statement is true two of the statements are true all statements are false all statements are true22 What must an employer disclose in a defined contribution plan? The amount to be paid by the employees The basis for determining payments to fund The basis for determining benefits paid out The amount to be paid out NEXT > BOOKMARK D
- Question 21: The income threshold for Additional Medicare Tax levied is based on the Answer: A. age of the employee В. O amount in the employee's Social Security account С. Social Security income threshold D. O employee's tax return filing statusUnder a noncontributory plan, only the employee makes contributions to the retirement benefit plan. a. TRUE b. FALSEQuestion 38 James and Martha Willard are 67 and 65 years old respectively. The couple received the following income items during 2020: аге Wages from part-time employment Fully taxable pensions Interest from Liberty Bank & Trust Certificates of Deposit Interest from Cedar County (Iowa) Bond Social Security Benefits $10,000 ১50.000 $4,000 $2,000 $45.000 What is the taxable amount of their social security benefits? DO NOT USE COMMAS OR DOLLAR SIGNS IN YOUR ANSWER!! IF YOU GETA DECIMAL AMOUNT IN YOUR FINAL ANSWER, ROUND UP THE ANSWER TO THE NEXT WHOLE DOLLAR AMOUNT.
- 10-What is the primary purpose of the Employee Retirement Income Security Act ( ERISA )?Question 13 Pension expense is decreased by: A- Amortization of prior service cost. B- Amortization of net gain. C- Benefits paid to retired employees. D- Prior service cost. O A O B O DQuestion 1 Under which circumnstances should a company disclose contingent liabilites in the footnotes of the financial statements? I. When it is probable the company will suffer a loss and the liability can be measured II. When it is probable the company will suffer a loss but the liability cannot be measured III. When is it only reasonably possible that the company will suffer a loss Il and II O l only I and II O , I, II
