The annual amount of tax deductible contributions to qualified retirement plans are the same as the amount of tax deductible contributions to an IRA (Individual Retirement Account). O True O False
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- Contributions to a Traditional IRA may be tax-deductible depending on the taxpayer's income, tax - filling status, and other factors. Taxes on eamings are deferred until withdrawals begin, which is usually in retirement. 3. Discuss the role of Social Security benefits in a retirement plan by addressing the following: a. Purpose: describe the difference between FICA and Medicare. Next, indicate how each af these benefits are funded (i.e. emplayee, employer, or bath). b. Eligibility: summarize the eligibility requirements for collecting Social Security. c. Benefit Age: summarize the three ages that people usually collect Social Security. If you were close to the youngest age, would you start collecting as soon as possible, or would you delay? If you would delay, indicate the age you would select and provide your rationale. d. Retirement impact: describe the role that Social Security would play in your retirement plan. Based on the information provided in this module, what percentage of a…Mr. Jones made a contribution to his self-employed retirement plan (SEP IRA plan). This contribution is: O A. Not deductible. A deduction to arrive at adjusted gross income. A deduction from adjusted gross income. D. A deduction from adjusted gross income, subject to a 2 percent AGI floor. B. O C.In a Traditional IRA or 401(k): O A. Contributions are tax deductible B. Withdrawals in retirement are taxable OC. Neither A nor B O D. Both A & B
- Which of the following would be considered a tax benefit or advantage of a qualified retirement plan? Certain distributions may be subject to capital gain treatment. 2. Employer contributions are deductible by the employer in the year of contribution. 3. Employee contributions are deductible by the employee in the year of contribution. 4. The qualified plan is tax-deferred as to all income.Give typing answer with explanation and conclusion . True or False: A Roth IRA is an employer-sponsored retirement account in which contributions are made with before-tax dollars, and your money grows tax-deferred until you make withdrawals in retirement.Who is normally considered to be the owner of a 403 b tax shelter annuity?
- The following relates to different types of registered plans: Registered Retirement Income Fund Tax-Free Savings Account Registered Education Savings Plan Registered Retirement Savings Plan What plan permits the amount contributed to be deducted from the individual's total income in the year contribution is made or carry forward if unused? Question 2 options: a) i, ii and iii b) ii, iii and iv c) iv only d) None of the aboveThe calculation used by social security to calculate retirement benefits is meant to replace a(n)Which of the following statements is not a benefit of using a Tax-Free Savings Account (TFSA) for retirement planning purposes? Withdrawals from a TFSA will not affect government pension plan benefit payments Contributions are tax deductible for the owner of the account making the deposit Withdrawals from a TFSA will not affect the federal GST tax credit benefit There are no forced withdrawal amounts
- What are the tax rates for FICA Social Security and FICA Medicare? What are the maximum taxable earnings amounts for each of these taxes?In 2019, what is the top tax rate for individual long-term capital gains and the top tax rate for long-term capital gains of collectible items assuming that the Medicare tax does not apply. 10; 20 20; 28 15; 25 25; 28