
LI Part 12
Quiz
•
Mathematics
•
9th Grade
•
Practice Problem
•
Medium
Trang Nguyen
Used 8+ times
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29 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does a 401(k) plan generally provide its participants?
Salary-deferral contributions
Tax-free distributions
Salary-deferral distributions
A defined retirement benefit
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Tom has a qualified retirement plan with his employer that is currently considered to be 80% “vested”. How can this be interpreted?
If Tom’s employment is terminated, 20% of the funds will be forfeited
20% of the funds are subject to taxes
80% of the funds are invested in a separate account
If Tom’s employment is terminated, 80% of the funds will be forfeited
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which tax would an IRA participant be subjected to on distributions received prior age 59 ½?
Ordinary income tax and a 10% tax penalty for early withdrawal
10% tax penalty for early withrawal
Capital gains tax
Ordinary income tax
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A retirement plan that sets aside part of the company’s net income for distributions to qualified employees is called a:
Profit-sharing plan
rollover plan
403b plan
salary reduction plan
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In an individual retirement account (IRA), rollover contributions are:
Not limited by dollar amount
subject to capital gains tax
subject to ordinary income tax
partially limited by dollar amount
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Post-tax dollar contributions are found in
Roth IRA investments
401k investments
traditional IRA investments
simple investments
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A 55 year old recently received a $30,000 distribution from a previous employer's 401k plan, minus $6000 withholding. Which referral taxes apply if none of the funds were rolled over
Income taxes plus a 10% penalty tax on $30,000
income taxes plus a 10% penalty tax on $24,000
only income taxes on $30,000
only income taxes on $24,000
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