Need this Questions answered Correctly, in short sentences. Topic is Retirement planning Tax

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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?

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