An example of a qualified benefit is an employer-subsidized cafeteria.
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1. An example of a qualified benefit is an employer-subsidized cafeteria.
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- Which of the following is an indicator that an employee benefit is provided in exchange for services? the benefit is provided in accordance with the terms of an employee benefit plan the benefit is conditional on future service being provided either of the choices both of the choicesWhen the employee bears the entire costs of discretionary benefits it is referred to as which type of financing? Select one: a. Contributory b. Noncontributory c. Employee-focused d. Employee-financed. If a fringe benefit involves a deduction from employee pay, which of the following is true? A. Employers may only offer the benefit to certain classes of employees. B. The employee must enroll in direct deposit for their pay. C. The fringe benefit must be subject to income tax. D. The amount of the deduction must be listed on the employee's pay advice. 2. The ________ determines when benefit amounts should be withheld from employee pay. A. employee B. employer C. IRS D. State in which the business is conducted
- Which of the following is not an approach to financing employee benefits? Select one: a. Noncontributory b. Employee-financed c. Contributory d. VoluntaryWhich of the following statements is not correct? Relatively small meal allowances paid to rank and file employee intended to promote health and goodwill are considered as de minimis fringe benefits. Not subject to fringe benefit tax. Not subject to income tax as compensation. subject to income tax as compensation.Which of the following fringe benefits is taxable? a. use of on-premise athletic facility b. qualified employee discounts c. membership in a country club d. job-placement assistance e. reduced tuition for education
- A defined benefit plan is one in which: A.) The employer promises specified payments to employees on their retirement. B.)The specific provisions are defined by the Internal Revenue Code. C.) The specific provisions are defined by the Uniform Code of Retirement Plans. D.) The employee can specify the mix of benefits (e.g., health, pension, insurance) that will be received on retirement.Which of the following does not describe a defined contribution plan? The employer bears the risk of investment in a defined contribution plan. The contribution is certain but the benefit is uncertain. If the plan does poorly, the employee will share in the loss by paying more contributions. The accumulated fund on the date of an employee’s retirement determines the benefit.It is a type of retirement plan where the benefit to be received by the employee is dependent on the contributions made to the plan and on the investment performance of the plan. The risk that the benefits to be received may be insufficient is retained by the employee. a. Defined contribution plan b. Defined benefit plan c. none of the above d. a or b
- Defined contribution plans are gaining in popularity because: a) They remove the burden of payment from the employer b) They qualify retirees for special Social Security payments c) The benefits are tax free d) They routinely produce higher payouts to employeesAccording to AASB 119, how should an employer's obligation for employee benefits be measured?Which of the following is true of defined benefit plans? Select one: a. Contributions are not attributed to specified employees. b. Plan costs are predictable. c. They cannot provide benefits for past service. d. Employees assume the risks of preretirement inflation and investment performance.
