Statements about self-employed retirement plans

Assignment Help Financial Accounting

Reference no: EM131211032

Which of the following statements about self-employed retirement plans is false? a.Only self-employed persons may deduct contributions to a qualified self-employed retirement plan. b. A plan can require a minimum and a maximum age to participate, regardless of the employee's length of service. c. Contributions must be for the exclusive benefit of plan participants or their beneficiaries. d. Payments to a self-employed retirement plan may be deducted only if the taxpayer's earnings are from self-employment.

Reference no: EM131211032

Questions Cloud

The payback period for the investment is closest : Shields Company has gathered the following data on a proposed investment project: The payback period for the investment is closest to:

Public school system on equal playing field : Is every student in our public school system on an "equal playing field"? Rather, are schools providing educational equality to all students?

Calculate the relative risk : Calculate the Relative Risk: An uptick in attempted suicides in teen boys has interested the State Health authorities and they are looking for some information on the data the hospital has received in the past calendar year.

Reported in the stockholders equity section : Otis Thorpe Corporation has 10,490 shares of $100 par value, 5% preferred stock and 52,400 shares of $10 par value common stock outstanding at December 31, 2014. If the preferred stock was issued at $106 per share, how should the preferred stock be r..

Statements about self-employed retirement plans : Which of the following statements about self-employed retirement plans is false?

The pros and cons of drawing up partnership agreement : Imagine that one of your colleagues has offered you the opportunity to become a partner in a new business venture. The colleague stipulates that due to your past relationship, there is no reason to draw up a partnership agreement. Discuss the pros an..

Shareholder rule include stock options : Fringe benefits limited by the more-than-2%-shareholder rule include stock options, group term life insurance premiums, and medical insurance premiums. A shareholder owning 2% or more of an S corporation's stock, who is also an employee of the corpor..

Exclude from his gross income : Mr. Doe was in a car accident. As a result of his injuries, he received an insurance check for $8,000 from a self-insured plan. His medical bills relating to the accident were $5000 and were taken as a deduction on his tax return this year. How much ..

What is depreciation deduction on the IRS method : Lancelot owns a cabin that he rented for 4 months and lived in for 2 months. Lancelot received $6,000 in rental income. Lancelot's total expenses were as follows: Depreciation $3600, Maintenance $200, Utilities $500, Taxes $1100, Interest $2400. What..

User Account

All Pages