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- Define 401(k) retirement plan1. What is the actual return on pension plan assets? 2. What is the amount of actuarial gain or loss that will be taken to other comprehensive income? if gain positive amount, if loss negative amount Example: gain --> 1,000 loss --> (1,000)When researching retirement obligations in the FASB Accounting Standards Codification you would look under section 210 310 410 510
- Q5: Research about and in your own words, describe the different EXCLUSIONS FROM GROSS INCOME: Ø Proceeds of life insurance policyØ Amount received by the insured as a return of premiumØ Gift, bequest, or descentØ Compensation for injuries or sicknessØ Income exempt under treatyØ Retirement benefits, pensions, gratuities, etc.10-What is the primary purpose of the Employee Retirement Income Security Act ( ERISA )?Which type of account can be used as a retirement savings account? Section 529 Plan. Health Savings Account. Flexible Spending Account. Coverdell Education Savings Account.
- Which of the following may be ordinary income? Salary Government pension Lottery winnings Rent from an investment property a. 1, 2, and 4 only b. 1 only c. 1 and 2 only d. 1, 2, 3, and 4General Annuity 1. Differentiate General Annuity and General Ordinary Annuity?2. What is a General Ordinary Annuity?3. Express the process in finding the Present and future value of Generalordinary annuity.4. What is the formula in finding the Fair Market Value?5. Express the process in finding the Fair Market Value.Question 15 Consider a policy with a R5000 straight deductible. Determine the amount that the insurer would pay for a loss of R12 000. 1 R7 000 2 R5 000 3 R12 000 4 The insurer will not be liable for any payment.
- What is the vat payable? P43,830 P44,280 P46,680 P59,248Q)2018 FICA Rates: Social Security: 6.2% on the first $128,400 of annual wages Medicare1.45% on all wages (no limit) solve both subpartsLook at Note 31.2, “Retirement Benefits.” AF incorporates estimates regarding staffturnover, life expectancy, salary increase, retirement age, and discount rates. Howdid AF report changes in these assumptions? Is that reporting method the same ordifferent from the way we report changes under U.S. GAAP?
