A monthly benefit available to Canadians 65 years of age, who have lived in Canada for at least 10 years is:a) OAS pension.b) HST credit.c) Lifelong learningd) none of the above.

OAS in Canada is Old Age Security. It is given to the resident of Canada with some…

Answered: A monthly benefit available to…

Individual Income Taxes

43rd Edition

ISBN:9780357109731

Author:Hoffman

Publisher:Hoffman

Chapter19: Deferred Compensation

Section: Chapter Questions

Problem 34P

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Oregon Co.'s employees are eligible for retirement with benefits at the end of the year in which both age 60 is attained and they have completed 35 years of service. The benefits provide 15 years’ reimbursement for health care services of $27,000 annually, beginning one year from the date of retirement. Ralph Young was hired at the beginning of 1992 by Oregon after turning age 22 and is expected to retire at the end of 2030 (age 60). The discount rate is 3%. The plan is unfunded.The PV of an ordinary annuity of $1 where n = 15 and i = 3% is 11.93794.The PV of $1 where n = 2 and i = 3% is 0.94260. With respect to Ralph, what is the interest cost to be included in Oregon's 2029 postretirement benefit expense, rounded to the nearest dollar?
Oregon Co.'s employees are eligible for retirement with benefits at the end of the year in which both age 60 is attained and they have completed 35 years of service. The benefits provide 15 years’ reimbursement for health care services of $26,000 annually, beginning one year from the date of retirement.Ralph Young was hired at the beginning of 1991 by Oregon after turning age 22 and is expected to retire at the end of 2029 (age 60). The discount rate is 5%. The plan is unfunded.The PV of an ordinary annuity of $1 where n = 15 and i = 5% is 10.37966.The PV of $1 where n = 2 and i = 5% is 0.90703.What is the present value of Ralph's net benefits as of his expected retirement date, rounded to the nearest dollar?
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A corporation's pension plan provides a lifetime annual income to its employees upon retirement at age 65. The plan provides 2% for each year of service of the employee's salary upon retirement. Those who retire before 65 have their benefit reduced by 1.4% for each year before 65 that they retire. Russ retires at age 62 with 19 years of service. If his salary upon retirement is $79,497, what is his annual pension benefit?
During 2019, Carl (a single taxpayer) has a salary of $91,500 and interest income of $11,000. Calculate the maximum contribution Carl is allowed for an educational savings account. $0 $400 $1,000 $2,000 Some other amount
Javier recently graduated and started his career with DNL Inc. DNL provides a defined benefit plan to all employees. According to the terms of the plan, for each full year of service working for the employer, employees receive a benefit of 1.5 percent of their average salary over their highest three years of compensation from the company. Employees may accrue only 30 years of benefit under the plan (45 percent). Determine Javier’s annual benefit on retirement, before taxes, under each of the following scenarios (Use Exhibit 13-1): (Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. Leave no answers blank. Enter zero if applicable.) Q: Javier works for DNL for six years and three months before he leaves for another job. Javier’s annual salary was $93,000, $103,000, $109,800, and $115,700 for years 4, 5, 6, and 7, respectively. DNL uses a five-year cliff vesting schedule.
Javier recently graduated and started his career with DNL Inc. DNL provides a defined benefit plan to all employees. According to the terms of the plan, for each full year of service working for the employer, employees receive a benefit of 1.5 percent of their average salary over their highest three years of compensation from the company. Employees may accrue only 30 years of benefit under the plan (45 percent). Determine Javier’s annual benefit on retirement, before taxes, under each of the following scenarios (Use Exhibit 13-1): (Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. Leave no answers blank. Enter zero if applicable.) Javier works for DNL for six years and three months before he leaves for another job. Javier’s annual salary was $93,000, $103,000, $109,800, and $115,700 for years 4, 5, 6, and 7, respectively. DNL uses a five-year cliff vesting schedule. Q: what is annual before-tax benefit ?
How do I solve the following: An employee that has 35 years until retirement has a current salary of $30,000 per year. The employee's wages are expected to increase by 5% annually over the next 35 years. The employer has a defined benefit pension plan in which a worker’s annual pension benefit is equal to 2% of the employee's final year’s wage for each year of employment, multiplied by the number of years of employment. The employee's expected annual pension benefit is calculated as $115,836.32. The cmpany contributes to the pension plan each year for the next 35 years. Assume 10% actuarial rate of return, and 30 years of retirement life. At the employee's time of retirement, what does the accumulated amount in the employee's pension plan have to be in order to meet the employee's annual pension benefit each year in 30 years?
Wendy has been a member of an occupational final salary defined benefit pension scheme for 20 years. She is currently 45 years old and plans to retire when she is 65. Her expected final year’s salary is £30,000. The pension scheme operates on the basis of 1/80 of salary per year of membership of the pension scheme. What can she expect to receive as her pension per annum?
During 2020, a person receives Social Security at age 63 and is earning $23,000/year at a part-time position, how much of their allotted $12,000 yearly Social Security payments would they receive? Assume $12,000 is the amount after deducting the early withdraw penalty.
A self-employed person deposits $3,000 annually in a retirement account (called a Keogh or H.R. 10 plan) that earns 8 percent. How much will be in the account when the individual retires at the age of 65 if the savings program starts when the person is age 40?
In 2013, workers earned one credit towards Social Security for every $1,160 in earnings, up to a maximum of four credits per year. Jeni earns $4,350 per year at her part-time job. At this rate, how long will it take her to be eligible for Social Security benefits? Answers A.11 years B.10 years C.15 years D.14 years

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