Retirement Quiz

Which is false about a Roth IRA?

• contributions are taxed

• withdraws are not taxed

• you can contribute up to $131,000 (single) or $193,000 (couples)

• contributions are tax deductible

What is included in FICA tax

• Medicare

• Sales Tax

• Federal Tax

• Social Security

Paying FICA taxes is ​ (a)  

• required
• optional
• encouraged

the person entitled to receive the benefit of a deceased persons benefits

Which is false about profit sharing plans?

• the government does not insist the contributions be "recurring and substantial"

• these are used an employee incentives

• the employer and employee can both contribute to the plan

A Traditional IRA is taxed at ​​ (a)   ​

• distributions
• contributions

True or False: All your income is taxed at your highest tax rate.

• True

• False

If your tax bracket is going to be lower when you contribute you will want to pick a ​ (a)  

• Roth IRA
• Traditional IRA

What does fully vested in a retirement plan mean?

• You have contributed the maximum amount allowed to your retirement plan

• You are wearing a stylish vest

• You can take contributions your employers has made to your retirement plan

• You are old enough to retire

What type of retirement account is a 401(k)

• Roth IRA

• Profit Sharing Plan

• Defined Contribution Plan

• Traditional IRA