401k plan Study guides, Class notes & Summaries

401k plan - ANSWER A qualified retirement plan in which the employee can set aside a portion of their income with pre-tax dollars. Absolute Assignment v. Collateral Assignment - ANSWER Absolute: A permanent and irrevocable transfer of rights and/or benefits by the policyowner. Collateral: A temporary and/or revocable transfer of benefits by the policyowner. Accelerated Death Benefit - ANSWER Policy provision that allows full or partial payment of the policy's death bene...

USAA Test Questions and Answers 100% Correct ___ of continuing education MUST be completed in the classroom or classroom equivalent. - 50% A 55-year-old recently received a $30,000 distribution from a previous employer's 401k plan, minus $6,000 withholding. Which federal taxes apply if none of the funds were rolled over? - Income taxes plus a 10% penalty tax on $30,000 A 66 year old is covered under a group health plan while employed with a business that has 40 employees. If she injurers...

Broad view of Employee Benefits (Mod 1.1) - Answer-Considers Employee Benefits to be virtually any form of compensation other than direct wages paid to Employees (Ex: WC, Unemployment, State DI, SS, Vacation, Holidays, 401K/Retirement, Employer share of Medical, Severance Pay, Child Care, etc..) Narrow view of Employee Benefits (Mod 1.1) - Answer-Any type of plan sponsored or initiated by Employees and Employers and engaged in providing benefits that result from the employment relationship an...

Deemed substantiation - Employers give employees per diem to spend- so employees do not need proof of their expenses. MUST USE THE LESSOR OF: the per diem rate by company or federal per diem rate What is an accountable plan? What are the two requirements of employees? - Expenses incurred by employees are reimbursed by employer- so employees report no expenses. Requirements: 1- must return any excess reimbursement 2- must substantiate expenses (maintain records of) What is the 'catch up...

FICEP Part 2 Correct Questions and Answers(RATED A) 401k - ANSWER Plan A plan which allows employees to make tax-deferred contributions to retirement savings accounts. Many employers match these contributions at a specified ratio to help retirement savings build faster. Beneficiary - ANSWER The person or persons who are designated to receive the amount of the death benefit if the policyholder dies. Cafeteria Plan - ANSWER Tax-qualified flexible benefit plans that are offered by particip...

HRMN 3420 Final Exam Questions and Answers 100% Pass Benefits average roughly __% of total employee compensation cost - Answer- 30% Expectancy theory - Answer- People choose to behave in certain ways because they are motivated by the results (or in most cases, rewards) they expect to get from those choices Benefits are ______ compensation of value to employees - Answer- Indirect compensation Why benefits grow - Answer- -Tax benefits -Statutory requirements -Influence of organized labor...

Michigan Builders Business/Law/Accounting License Exam Verification Form I-9 must be completed by applicants providing proof of identity and employment eligibility within ______ of employment. - CORRECT ANSWER-3 days What type of business is the easiest to establish and allows the owner to determine how profits are used although they are personally liable for all debt and assets? - CORRECT ANSWER-Sole Proprietorship A ______is a joint co-owner partnership established to specifically i...

Michigan Builders Business/Law/Accounting(graded A+ )2023 verified to pass Verification Form I-9 must be completed by applicants providing proof of identity and employment eligibility within ______ of employment. - correct answer 3 days What type of business is the easiest to establish and allows the owner to determine how profits are used although they are personally liable for all debt and assets? - correct answer Sole Proprietorship A ______is a joint co-owner partnership established t...

CEBS GBA Exam 1 Question with complete solution 2023/2024Broad view of Employee Benefits (Mod 1.1) - correct answer Considers Employee Benefits to be virtually any form of compensation other than direct wages paid to Employees (Ex: WC, Unemployment, State DI, SS, Vacation, Holidays, 401K/Retirement, Employer share of Medical, Severance Pay, Child Care, etc..) Narrow view of Employee Benefits (Mod 1.1) - correct answer Any type of plan sponsored or initiated by Employees and Employers ...

CEBS GBA Exam 1 Question with complete solution 2023/2024Broad view of Employee Benefits (Mod 1.1) - correct answer Considers Employee Benefits to be virtually any form of compensation other than direct wages paid to Employees (Ex: WC, Unemployment, State DI, SS, Vacation, Holidays, 401K/Retirement, Employer share of Medical, Severance Pay, Child Care, etc..) Narrow view of Employee Benefits (Mod 1.1) - correct answer Any type of plan sponsored or initiated by Employees and Employers ...