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A tax deferred annuity is not subject to Section 415 limits.

June Tandy is covered under a SIMPLE IRA at Barker Jones Auction House where she is employed. This year, no salary deductions or employer contributions were allocated to her SIMPLE IRA. If June makes a contribution to her personal IRA this year, her deduction limit will be based on those applying to a person who is not an active participant in a qualified retirement plan.

Which of the following are advantages of cash compensation?(I)it must meet the reasonableness test for deductibility(II)it is easier to budget than non-cash benefits(III)ERISA regulations are not normally involved(IV)cash compensation paid currently is currently taxable as ordinary income

An employee can use an employer-provided legal service plan to obtain legal advice on a divorce proceeding.

In addition to elective salary reduction contributions, which of the following may be used as an alternative for making contributions into a 401(k) plan?

Bane Industries, Inc. has 1,000 employees. The average age of the workforce at Bane is 45, and 80% of the workers earn a mid-range income. Ten percent of workers are highly compensated, and 10% of workers are low-wage workers. Advantages of using a cash balance plan at Bane Industries include

What is the maximum allowable deduction an employer can take for compensation for services that are not rendered before the end of the taxable year for which the deduction is claimed?

Which of the following actions are ways a person can get a tax deduction for health care?(I)itemize deductions(II)have medical expenses that exceed the floor for medical expense deductions(III)get a dollar-for-dollar credit on Form 1040(IV)get a first-dollar 100% reimbursement on Form 1040

The employer must prepare a summary plan description to meet ERISA requirements. The employer can also use a summary plan description to

In a tax deferred annuity plan, salary reductions, but not employer contributions, are generally subject to FICA and FUTA payroll taxes.