Individual Income Taxes
43rd Edition
ISBN: 9780357109731
Author: Hoffman
Publisher: CENGAGE LEARNING - CONSIGNMENT
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Question
Chapter 19, Problem 6DQ
To determine
Explain about the alternatives for receiving payments from qualified retirement plan for Person D.
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Which is the following is true about your pension?
a) You can name someone other than your spouse as the beneficiary without your spouse
knowing it
b) You must have your spouse's permission to name somebody else as a beneficiary
c) The funds in your pension plan disappear if you die prior to retirement.
d) The person(s) named in your will have to be the same people named as beneficiaries of
your pension plan.
Which of the following statements is true?
a.
You are foolish to contribute to a 401k plan.
b.
You are foolish not to contribute to a 401k plan up to your employer's matching amount.
Earnings on a 401k plan are taxed as they accumulate.
d. Money going into a 401k plan is after tax money.
c.
Most public school teachers and governmental employees
a.
do not have a defined benefit pension plan
b.
are at the mercy of the stock market to determine the amount of pension they receive
c. don't get a pension other than social security
d.
have a defined benefit pension plan
Give one example of any retirement plans that individual taxpayers can contribute to towards their retirement year’s income. ___________
Characterize potential sources of income available for retirement years by addressing the following:
Individual Retirement Account (IRA): describe the difference between a Traditional and a Roth IRA. Indicate how each provide income for retirement and how each are funded (i.e. employee, employer, or both). If you were planning on opening an IRA, indicate which type that you would select and provide your rationale.
Chapter 19 Solutions
Individual Income Taxes
Ch. 19 - Prob. 1DQCh. 19 - Prob. 2DQCh. 19 - Prob. 3DQCh. 19 - Prob. 4DQCh. 19 - Prob. 5DQCh. 19 - Prob. 6DQCh. 19 - Prob. 7DQCh. 19 - Prob. 8DQCh. 19 - Prob. 9DQCh. 19 - Prob. 10DQ
Ch. 19 - Prob. 11DQCh. 19 - Prob. 12DQCh. 19 - Prob. 13DQCh. 19 - Prob. 14CECh. 19 - Prob. 15CECh. 19 - Prob. 16CECh. 19 - Prob. 17CECh. 19 - Zack, a sole proprietor, has earned income of...Ch. 19 - Prob. 19CECh. 19 - Prob. 20CECh. 19 - Prob. 21CECh. 19 - Prob. 22CECh. 19 - Prob. 23CECh. 19 - Prob. 24CECh. 19 - Prob. 25CECh. 19 - On April 5, 2017, Gustavo was granted an NQSO for...Ch. 19 - Prob. 27PCh. 19 - Prob. 28PCh. 19 - Prob. 29PCh. 19 - Prob. 30PCh. 19 - Prob. 31PCh. 19 - Prob. 32PCh. 19 - Prob. 33PCh. 19 - Prob. 34PCh. 19 - In 2019, Magenta Corporation paid compensation of...Ch. 19 - Prob. 36PCh. 19 - Prob. 37PCh. 19 - Prob. 38PCh. 19 - Prob. 39PCh. 19 - Prob. 40PCh. 19 - Prob. 41PCh. 19 - Prob. 42PCh. 19 - Prob. 43PCh. 19 - Prob. 44PCh. 19 - Carri and Dane, ages 34 and 32, respectively, have...Ch. 19 - Prob. 46PCh. 19 - Prob. 47PCh. 19 - Prob. 48PCh. 19 - Prob. 49PCh. 19 - Prob. 50PCh. 19 - Prob. 51PCh. 19 - Prob. 52PCh. 19 - Prob. 53PCh. 19 - Prob. 54PCh. 19 - Prob. 55PCh. 19 - Prob. 56PCh. 19 - Prob. 57PCh. 19 - Prob. 1RPCh. 19 - Prob. 2RPCh. 19 - Prob. 3RPCh. 19 - Prob. 6RPCh. 19 - Prob. 8RPCh. 19 - Prob. 1CPACh. 19 - Ryan is 39 years old and works as a real estate...Ch. 19 - Prob. 3CPACh. 19 - Prob. 4CPA
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Similar questions
- Which of the following statements concerning Social Security retirement benefits is (are) correct? If an individual receives retirement benefits based on his spouse’s earnings record, his benefits will cease upon his divorce from her, unless he is 62 years of age or older and he was married to that spouse for at least 10 years. Widows and widowers will continue to receive survivors benefits upon remarriage of the widow or widower if 60 years of age or older. a. 1 only. b. 2 only. c. Both 1 and 2. d. Neither 1 nor 2.arrow_forwardYou are a small employer, and are considering adding a retirement plan for you and your employees, which plan(s) would you consider as candidates for this goal? SEPs, SIMPLE Plans, Keogh Plans? Why?arrow_forwardWhy should planning for retirement be a long-term goal that is affected by Social Security? Why might alternative retirement plans be needed in addition to Social Security?arrow_forward
- The calculation used by Social Security to calculate retirement benefits is meant to replace a(n) _________of preretirement income for low-income retirees than for high-income retireesarrow_forwardIn pension planning, some people rely on the Social Security system fortheir entire retirement program. Using two groups, have one argue forSocial Security and have one argue against the system.arrow_forwardWhich of the following do you not need to take into account when you retire? A) the cost of living in your city or state B) whether your money comes from active or passive income C) your monthly expenses D) how much you have saved in your retirement fundarrow_forward
- Personally Established Retirement Accounts These days, almost anyone can open personal, tax-sheltered retirement accounts whether or not they're enrolled in a plan at work. Terms and provisions vary among plans, so it pays to do some homework before deciding which is best for your circumstances and goals. To help you focus on the aspects of different plans, answer the following questions. Madeline is a sole proprietor. She wants to create a retirement plan that requires the least amount of setup and maintenance effort. What type of plan is Madeline most likely going to open? SEP-IRA О Кеogh Chun is a small-business owner. She wants to create a profit-sharing or money-purchase retirement plan. What type of plan is Chun most likely going to open? SEP-IRA О Кеogh Alison is 58 years old and opened a traditional IRA when she was 53. Alison earns less than $100,000 per year. Her contribution for this year is $7,000. This contribution is made entirely with: pretax dollars. O after-tax…arrow_forwardIf employee's are paying into a SIMPLE retirement plan, each payperiod how is the SIMPLE plan's contributions entered in a journal entry?arrow_forwardYour client is planning to retire in 2018, he is 70 years old. Are there any issues he may face in regards to distributions from qualified retirement plans.arrow_forward
- What is Social Security and what are some of the benefits/advantages? There are different types of beneficiaries. Name as many as you can. What age can you begin drawing for old age Benefits? What are some of the reasons that you may want to WAIT to begin drawing Social Security?arrow_forwardA client comes to you who needs help developing a plan for retirement and doesn’t have a current budget and hasn’t tracked expenses before. What would you tell your client he should do in order to get ready for your next meeting and how these action items are relevant to retirement planning?arrow_forwardWhat are the basic factors that should be considered when establishing anindividual retirement plan?arrow_forward
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