Show:
Qualified/Non Qualified
IRA/ ROTH IRAS
401(K) Plan
SEP IRA/ SIMPLE IRA
Current Events
100
The funded status of a defined benefit pension plan for a company should be reported in: a) The statement of cash flows. b) The statement of financial position. c) The income statement. d) The notes to the financial statements only.
b) The statement of financial position.
100
Bob is 45 and contributes to Traditional and Roth IRA. What is his maximum contribution?
What is B. $5,500
100
True or False: 401(K)'s are tax deferred retirement plans?
What is True
100
True or False: Salary reduction contribution are not subject to FICA, FUTA and RRTA tax.
What is False
100
What is the new retirement plan announced by President Obama called?
a. myRA
200
An overfunded single-employer defined benefit postretirement plan should be recognized in a classified statement of financial position as a: a.) Noncurrent liability b.) Current Asset c.) Current Liability d.) Noncurrent Asset
d.) Noncurrent Asset
200
How many days do you have to rollover a contribution tax free for either IRA? A. 30 days B. 45 days C. 60 days D. 70 days
What is C. 60 days
200
What is the maximum elective deferral for a 401(k) plan, including any catch-up contributions?
What is $23,000
200
What form must the employer provide to all eligible employees in a SEP IRA?
What is form 5305-SEP
200
True or False: Participation in myRA is mandatory:
False
300
Footnote disclosures in the financial statements for pensions do not require inclusion of which of the following? a. The amount of unrecognized prior service cost. b. A detailed description of the plan including employee groups covered. c. The differences in executive and non-executive plans. d. The components of period pension costs.
c. The differences in executive and non-executive plans.
300
Which of the following is not a requirement of a traditional IRA? A. Receive taxable compensation B. Under age 70.5 C. No requirement plan through work D. None
What is C. No requirement plan through work
300
George Jones makes $50,000 and has elected to contribute 5% of his annual salary to his 401(k) plan each year. George’s company offers a 7% match. What is the total contribution into the 401(k) plan?
What is $5,000
300
Corporation T has established a SEP arrangement. Employee R receives $75,000 in compensation from Q in 2013. How much can T can contribute to R's IRA (without causing tax to R)?
What is $18,750
300
myRA is structured like what other retirement plan?
b. Roth IRA
400
5. Which of the following defined benefit pension plan disclosures should be made in a company's financial statements? I. The funded status of the plan. II. The amount of net periodic pension cost for the period. III. The fair value of plan assets. a. I, II, and III. b. I and II. c. I only. d. II and III.
a. I, II, and III.
400
What filing status is allowed a partial deduction of contribution if income is less than $10,000?
What is A. MFS
400
Name one difference between a Roth 401(k) and a Roth IRA
What is A Roth 401(k) does not have income limits or Roth IRA's do not require a minimum distribution requirement
400
What percentage and type of tax is imposed to the employee when employer's contribution exceeds 25% of the employees compensation?
What is 6% excise tax
400
What is the minimum contribution needed to start a myRA account? a. $100 b. $25 c. $1,000 d. $50
b. $25
500
Under U.S. GAAP, what is the present value of all future retirement payments attributed by the pension benefit formula to employee services rendered prior to that date and based on past and current compensation levels only? a. Projected benefit obligation. b. Accumulated benefit obligation. c. Interest cost. d. Service cost.
b.) Accumulated benefit obligation
500
Early withdrawal fee is _ while the required minimum distribution penalty is _. A. 10%, 50% B. 15%, 50% C. 15%, 25% D. 10%, 25%
What is A. 10%, 50%
500
Generally, when must you begin taking required minimum distributions from 401(k)'s? (3 Parts)
What is April 1 following the later of the calendar year in which you reach 70 ½ or you retire
500
You may elect to reduce the 3-percent matching contributions for a calendar year, but only if:
What is: 1.The limit isn't reduced below 1 percent; 2.The limit isn't reduced for more than 2 years out of the 5-year period that ends with (and includes) the year for which the election is effective; and 3.You notify employees of the reduced limit within a reasonable time before the 60-day election period during which employees can enter into salary reduction agreements
500
What is the myRA savings limit? a. $10,000 b. $50,000 c. $15,000 d. $100,000
c. $15,000