Roth ira - Study guides, Class notes & Summaries

Dave Ramsey Definitions Latest Update 100% Correct SEPP A retirement plan for self-employed people 457 A deferred compensation plan 401(k) Typical retirement plan found in most companies 403(b) Retirement plan found in non-profit groups (schools, hospitals) Educational Savings Account Save for college by first using this type of account UTMA Used after you max out the ESA Rollover Movement of funds from a tax-deferred retirement plan from one qualified plan or custodian ...

Pick the statement that best describes a regressive tax. A regressive tax charges the same tax rate regardless of the taxpayer's income. Why are government fees and surcharges sometimes described as a form of tax? Because they generate income for the government. Which taxing authorities are worthy of the member's attention? The member must attend to all tax authorities at all levels of government to maintain their financial well-being. How do taxes impact your personal ...

401k plan - income-tax deductible, investment income accumulates tax free, distributions taxed upon withdrawal, and any employer match that is received does not count towards contribution limit additional insureds - person or party added to the policy by an endorsement (lenders and mortgagors) advantages of group insurance - may be less expensive, tax benefits to employees (costs are usually pre tax), employer may pay all/part of premium, no evidence of insurability-no physical exam, and m...

FHCE 3200 Exam 3 Quiz Questions & Answers/ Rated A+ b. FALSE - -TRUE or FALSE: A Roth IRA qualifies for the IRA tax deduction found on the 1040 tax form. a. TRUE b. FALSE a. Universal Transfer to Minors Act - -Erin, a good friend of yours, would like to transfer a boat she inherited to her nephew who is 9 years of age. She heard that there is a way to go about doing this but is unsure. What type of custodial account will she need? a. Universal Transfer to Minors Act b. Universal Be...

South Carolina Life and Health Final Exam Questions and Answers 100% Pass A closed network plan offers a primary physician copay of $25. If a subscriber chooses a primary care physician outside of the network, the subscriber will likely pay 100% of the billed amount What does Coordination of Benefits allow? Allows the secondary payor to reduce their benefit payments so no more than 100% of the claim is paid A waiver of premium rider allows an insured to waive premium payments if ...

Select from the choices below the best description of a speculative risk? - Involving the possibility of a gain in addition to the uncertainty of loss If there is a material change in an MEC contract, what is the first thing needing to be done? - Another 7 pay test Which of the following is not taxable? - Fixed amount installments A premature distribution from a Roth IRA made before the age 59.5 is subject to a 10% penalty tax unless: - It was used as a down payment on first home Carlos c...

Your client retired two years ago at age 70. He has recently taken a position with a major retailer greeting customers as they enter the store. He would like to contribute to a retirement plan in order to accumulate additional money to leave to his grandchildren. You would advise him to open a - correct answerA) deferred compensation plan B) Keogh plan C) Roth IRA D) traditional IRA Which of the following statements regarding money market mutual funds is TRUE? - correct answer...

Kentucky Life Insurance State Exam Practice with Certified Solutions The premiums paid by an employer for his employee's group life insurance are usually considered to be Tax-deductible to the employer Which of these is NOT considered to be a cost connected with an individual's death? Business expenses These are all accurate statements regarding universal life insurance EXCEPT Policy loans are not permitted Which of these is NOT relevant when determining the amount of personal life insuran...

H&R Block Income Tax Course Latest Version Graded A+ Due Diligence Requirements that tax professionals must follow when preparing income tax returns. Estimated Tax The amount of tax a taxpayer expects to owe for the year after subtracting expected amounts withheld and certain refundable credits. Estimated Tax Voucher A statement by an individual of (1) the amount of income tax he estimates he will incur during the current taxable year on income that is not subject to withholding,...

Top-hat plan - Answer A retirement plan that is unfunded and maintained by an employer primarily for the purpose of providing deferred compensation for a "select group of management or highly compensated employees" is called a (n): Economic Benefit - Answer A theory of income taxation that imposes current tax liability on taxpayers who receive something of reasonable value is known as the doctrine of: Must be given the election to remain under the pre-amendment vesting schedule for b...