Transfer payments include i. social security benefits ii. medicare and medicaid benefits iii. unemployment benefits
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Transfer payments include
| i. | social security benefits |
| ii. | medicare and medicaid benefits |
| iii. |
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- The three types of formulas used to determine pension benefits for defined benefit pension funds are the following I. Flat benefit formula II. Career average formula I. Final pay formula IV. Margherita formula A. 1 & II B. II & IV C.I, II & II O D.I, II, III & IVMulitple choice question When are liabilities recognized for the federal Social Security program? Select one: a. When benefits are paid to the recipients b. When benefits are earned by the recipients c. When benefits are due and payable at the end of a reporting period d. When the social security trust fund receives cash from employees and employersDefine defined contribution (DC) retirement plan
- Which component of Kensington’s periodic pension cost would be shown in OCI ratherthan P&L?A . Service costB . Net interest (income) expenseC . RemeasurementsFor Pension Plans: A. Describe the differences between a Defined Benefit pension plan and a Defined Contribution pension plan. B. What are the advantages and disadvantages of each compared to the other?The calculation used by social security to calculate retirement benefits is meant to replace a(n)
- Which of the following profit sharing allocation options provides for a combination of age and compensation to allocate the contributions? Standard Social Security Integration Age-Based Profit Sharing Select one: 1 only 3 only 2 and 3 1, 2, and 3Benefits paid to members of a defined benefit p employment fund are based onil. investment returns generated by the fund.li. remuneration levels while err oyed.Ill. number of years of service.IV. the level of employer contributions made to the fund. Select one: a. Il and Ill only. b. I and I only. c. Il and IV only. • d. III and IV only.10. FICA deduction consists of Medicaid and Social Security Medicare and Social Security pension and Medicare income tax and health insurance
- Question 6: Which of the following is not a voluntary deduction from gross earnings? Answer: A. O Union dues B. O State disability insurance C. O Payroll deduction IRA D. Cafeteria planQuestion 3: Which of the following is taxable for Social Security tax? Answer: А. O Contributions to a 403(b) plan В. O Contributions to a flexible spending account С. O Contributions to a dependent care flexible spending account D. O Contributions to a cafeteria planQuestion 2: A sets aside funds to be used for health-care expenses. Answer: A. flexible spending account В. O Payroll Deduction IRA С. O SIMPLE IRA plan D. O 403(b) plan