Short but Correct answers please, No Plagiarism.
Chapter 5 – Profit Sharing Plans Part 1
- What does substantial and recurring refer to with Profit Sharing Plan contributions?
- When are final employer contributions due for the year?
- What are the three different way to allocate contributions to employees?
- Which one of the three different ways to allocate contributions provide the most benefit to older people who are also owners of the company?
- How is a New Comparability Plan different from the other profit sharing plans?Who do comparability plans end up benefiting the most?
- What does CODA stand for?What are the maximum level of employee contributions to these plans?
Chapter 5 – Profit Sharing Plans Part 2
- Who can establish a 401(k) plan?
- Name at least three major differences between a Roth IRA and a Roth 401(k).
- Describe which contributions to a retirement plan are subject to taxes.
- Which plans have to pass the ACP & ADP nondiscrimination testing?
- How is the ADP test calculated?
- What has to happen if the ADP test is failed?
- How can ADP/ACP tests be avoided?