Question

Which of the following are characteristics of a SIMPLE? A. Contributions to a SIMPLE are 100%...

Which of the following are characteristics of a SIMPLE?

A.

Contributions to a SIMPLE are 100% vested at all times.
B.

The maximum contribution to a SIMPLE is the lesser of 25% of compensation or $57,000 for 2020.
C.

A SIMPLE permits employer discretionary contributions.
D.

A SIMPLE imposes a 25% penalty on all distributions prior to age 59½.
Business   Finance   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
5. All of the following statements regarding a Health Savings Account are true except: a. Contributions...
5. All of the following statements regarding a Health Savings Account are true except: a. Contributions made to the HSA by the plan participant are tax-deductible as an adjustment to gross income (above the line). b. Distributions from the HSA to pay for medical expenses are excluded from income. c. An employer makes contributions to an HSA on behalf of an employee, and the contribution limits are not exceeded, the employer contribution is not included in the taxable income of...
Which of the following is correct regarding IRA contributions? a. IRA contributions made above the annual...
Which of the following is correct regarding IRA contributions? a. IRA contributions made above the annual limit are subject to a 10% excise tax. b. A 51 year old non-working person, who divorced in 2016 and receives alimony, may contribute to an IRA the lesser of $7,000 or 100% of the alimony received. c. An employee who makes voluntary contributions to a retirement plan is not considered an active participant. d. The earliest age that a catch-up contribution can be...
Which of the following statements about stock bonus plans is false? a. A CODA can be...
Which of the following statements about stock bonus plans is false? a. A CODA can be attached to a stock bonus plan. b. Participants of a stock bonus plan must have the right to demand employer securities on plan distributions. c. Stock bonus plans have a deductible contribution limit of 25 percent of compensation. d. None of the above are false. All are true.
Which of the following does not accuratetly describe the charitable contributions deduction of a trust or...
Which of the following does not accuratetly describe the charitable contributions deduction of a trust or estate computed on Schedule A of Form 1041? A. A trust or estate is limited to a maximum charitable contribution deduction of o morw than 50% of the trust or estate's adjusted gross income . B. A deducible charitable contribution must be authorized pursuant to the terms of the governig instrument for the trust or estate. C. A deductible contribution must be made from...
Please answer all of these 2. Colin is 35 years old and inherits an IRA from...
Please answer all of these 2. Colin is 35 years old and inherits an IRA from his mother, who dies prematurely at age 60 in May 2020. Which of the following statements is correct regarding his options for the inherited IRA? a. Colin does not have to take distributions until he turns 70 years old b. Colin can rollover the IRA into his own IRA c. Colin can take out the entire distribution any time within 10 years and avoid...
Question 1 (1 point) Ray died this year at age 73, and his wife, Mary, age...
Question 1 (1 point) Ray died this year at age 73, and his wife, Mary, age 55, is the designated beneficiary on his Roth IRA. Ray's Roth IRA was established 3 years ago. Which of the following statements is(are) CORRECT? I Ray was not subject to required minimum distributions from his Roth IRA during his lifetime. II If Mary chooses to distribute the entire balance of the Roth IRA this year, the distribution may be subject to both regular income...
A mass of 100 g is attached to a spring and oscillating with simple harmonic motion....
A mass of 100 g is attached to a spring and oscillating with simple harmonic motion. The position of the mass at all times is given by x(t) = (2.0 cm) cos(2t), where t is in seconds, and the 2 is in rad/s. Determine the following: (a) The amplitude (in cm). cm (b) The frequency. Hz (c) The maximum speed in cm/s. Think about the expression you can write for v(t). Where is the maximum velocity in that expression? You...
1.Which of the following statements concerning the exemption phaseout is true? a.The phaseout applies only to...
1.Which of the following statements concerning the exemption phaseout is true? a.The phaseout applies only to taxpayers with a 39.6% marginal income tax rate. b.The phaseout can reduce a taxpayer's exemption amount to zero. c.The phaseout doesn't apply to taxpayers who use the standard deduction instead of electing to itemize deductions. d.Statements A., B., and C. are false. 2.In 2016, Amanda earned $70,000 self-employment income. She was allowed a $4,945 above-the line deduction for her SE tax. Compute Amanda's maximum...
Which of the following is correct? A. Statistics must be based on a simple random sample....
Which of the following is correct? A. Statistics must be based on a simple random sample. B. Parameters describe population characteristics. C. Parameter and statistic are two names for the same thing. D. The population is a subset of the sample. E. Parameters describe sample characteristics. 2. A 2008 national sample survey interviewed 1,007 people age 18 and older nationwide by telephone. One question asked was whether "on the whole would you say you are satisfied or dissatisfied with the...
31. Which of the following problems would most likely be a concern for life insurance companies...
31. Which of the following problems would most likely be a concern for life insurance companies that are worried about differentiating between good risks and bad risks? A. Adverse selection B. Catastrophe risk C. Longevity risk D. Moral hazard 32.Which of the following statements regarding the capital requirements and regulation of insurance companies is correct? A. Insurance companies are regulated at both the state and federal level. B. The guaranty system for insurance companies consists of a permanent fund created...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT