401(k) Flashcard

401(k) Flashcard

Assessment

Flashcard

Other

12th Grade

Practice Problem

Hard

Created by

Wayground Content

FREE Resource

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10 questions

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1.

FLASHCARD QUESTION

Front

What is a 401(k)?

Back

A type of savings account that is taxed when contributed, so no taxes are collected when withdrawn at retirement.

2.

FLASHCARD QUESTION

Front

What is the maximum contribution limit for a 401(k) plan in 2022?

Back

$20,500

3.

FLASHCARD QUESTION

Front

Do employers have to match employee contributions in a 401(k) plan?

Back

Employers can choose whether or not to match employee contributions.

4.

FLASHCARD QUESTION

Front

What are the limitations on the combined employer-employee contributions in a 401(k) plan?

Back

$61,000 in 2022 and $66,000 in 2023

5.

FLASHCARD QUESTION

Front

What is the penalty for taking withdrawals from a 401(k) before age 59.5?

Back

10% penalty in addition to any taxes owed

6.

FLASHCARD QUESTION

Front

When was the 401(k) plan designed?

Back

1978

7.

FLASHCARD QUESTION

Front

What is the purpose of 401(k) plans?

Back

To encourage Americans to save for retirement

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