Which of the following employer contributions satisfies the safe harbor test? 100% match up to 3%, 50% match on the next 2% 100% match to 3% 3% nonelective contribution 1.5% nonelective contribution
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Which of the following employer contributions satisfies the safe harbor test?
- 100% match up to 3%, 50% match on the next 2%
- 100% match to 3%
- 3% nonelective contribution
- 1.5% nonelective contribution
1 and 2
2, 3, and 4
1, 2, and 4
1 and 3
1, 2, and 3
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- Employee's Rates Matching Rates Paid bythe Employer Self-Employed Rates 7.65% on first $118,500 of income 1.45% on income above $118,500 7.65% on first $118,500 paid in wages 1.45% on wages above $118,500 13.3% on first $118,500 of net earnings 2.9% on earnings above $118,500 1FICA taxes include Social Security and Medicare. The Social Security tax applies to the first $118,500 of income, while the Medicare tax applies to all income. Suppose Holly has $227,100 of income from work and is not self-employed. How much will Holly have to pay in FICA taxes?Employee's Rates Matching Rates Paid bythe Employer Self-Employed Rates 7.65% on first $118,500 of income 1.45% on income above $118,500 7.65% on first $118,500 paid in wages 1.45% on wages above $118,500 13.3% on first $118,500 of net earnings 2.9% on earnings above $118,500 1FICA taxes include Social Security and Medicare. The Social Security tax applies to the first $118,500 of income, while the Medicare tax applies to all income. Suppose Mondaire has $96,700 of income from work and is not self-employed. How much will Mondaire have to pay in FICA taxes?Benefits 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.
- Which of the following phrases describes employer contributions within a profit sharing plan? discretionary mandatory substantial and recurring fixed Select one: 1 and 3 1 only 2 and 4 1, 2, and 4Determine whether each of the following independent statements best applies to a defined contribution plan (DCP), a defined benefit plan (DBP), both (B), or neither (N). The amount to be received at retirement depends on actuarial calculations. 2. Forfeitures can be allocated to the remaining participants’ accounts. 3. Requires greater reporting requirements and more actuarial and administrative costs. 4. May exclude employees who begin employment within five years of normal retirement age. 5. Annual addition to each employee’s account may not exceed the smaller of $57,000 or 100% of the employee’s salary. 6. The final benefit to a participant depends upon investment performance.The entity’s monthly contributions to the SSS for the benefit of its employees are accounted for as defined benefit plans. a. True b. False According to PAS 19, contributions to a defined contribution plan are recognized a. at each year-end b. where an employer makes those contributions c. when an employee has rendered service in exchange for those contributions d. at the beginning of each reporting period
- Which of the following statements is true? Select one: Profit sharing plans may not offer in-service withdrawals Pension and profit sharing plans are both subject to mandatory funding requirements Profit sharing plans allow annual employer contributions up to 25 percent of the employee’s covered compensation The legal promise of a profit sharing plan is to pay a pension at retirement Clear my choiceUse (a) the percentage method and (b) the wage-bracket method to compute the federal income taxes to withhold from the wages or salaries of each employee. Enter all amounts as positive numbers. Round your calculations and final answers to the nearest cent. Amount to BeWithheld Employee MaritalStatus No. of WithholdingAllowances Gross Wageor Salary PercentageMethod Wage-BracketMethod Corn, A. S 2 $675 weekly $fill in the blank 1 $fill in the blank 2 Fogge, P. S 1 1,960 weekly fill in the blank 3 Felps, S. M 6 1,775 biweekly fill in the blank 5 fill in the blank 6 Carson, W. M 4 2,480 semimonthly fill in the blank 7 fill in the blank 8 Helm, M. M 9 5,380 monthly fill in the blank 9Question text Use the following tax rates, ceiling and maximum taxes: Employee and Employer OASDI: 6.20% $128,400 $7,960.80 Employee* and Employer HI: 1.45% No limit No maximum Self-employed OASDI: 12.4% $128,400 $15,921.60 Self-employed HI: 2.9% No limit No maximum *Employee HI: Plus an additional 0.9% on wages over $200,000. Also applicable to self-employed. Rounding Rules: Unless instructed otherwise compute hourly rate and overtime rates as follows: 1. Carry the hourly rate and the overtime rate to 3 decimal places and then round off to 2 decimals places (round the hourly rate to 2 decimal places before multiplying by one and one-half to determine the overtime rate). 2. If the third decimal place is 5 or more, round to the next higher cent. 3. If the third…
- Calculate the total remittance due to Revenu Québec for this remitting period, if a Québec employer's total statutory deductions including employer and employee portions are Québec Pension Plan \$7,000.00, Employment Insurance $5,600.00 , Québec Parental Insurance Plan $2,500.00 , provincial tax $15,000.00 plus employer contributions to the health services fund $3,000.00 , and employer contributions to Commission de la santé et de la sécurité du travail \$1,200.00:CHOOSE THE LETTER OF THE CORRECT ANSWER What is the employee benefit expense for the current year? a. 1,180,000b. 2,100,000c. 1,850,000d. 1,050,000 What is the remeasurement gain or loss on plan assets on Dec. 31? a. 670,000 gainb. 670,000 lossc. 650,000 gaind. 650,000 lossQuestion text Use the following tax rates and taxable wage bases: Employees' and Employer's OASDI-6.2% both on $128,400; HI-1.45% for employees and employers on the total wages paid. Employees' Supplemental HI of 0.9 percent on wages in excess of $200,000 was not applicable. PROBLEM: During 2019, Amanda Hines, president of Dunne, Inc., was paid a semimonthly salary of $7,100. Determine the following amounts. OASDI HI (a) The amount of FICA taxes to withhold from her 9th pay is ______ ______ (b) The amount of FICA taxes to withhold from her 19th pay is ______ ______ (c) The amount of FICA taxes to withhold from her 24th pay is ______ ______
