Which of the following statements is correct regarding limitations on employer's contributions to qualified retirement plans in 2018?
A) Defined benefit plans are limited to an annual benefit to an employee of the lesser of $55,000 or 100% of the employee's average compensation for the highest three years.
B) Defined contribution plan contributions are limited to the lesser of $220,000 or 25% of an employee's compensation.
C) Defined contribution plan contributions are limited to the lesser of $55,000 or 100% of an employee's compensation.
D) If an employer has more than one type of qualified plan, a maximum deduction of 100% of compensation is allowed.
C) Defined contribution plan contributions are limited to the lesser of $55,000 or 100% of an employee's compensation.
The current year defined contribution plan limitation is the lesser of $55,000 or 100% of compensation.
You might also like to view...
A(n) ____________________ is a document for recording the direct materials, direct labor, and factory overhead costs incurred on a specific job
Fill in the blank(s) with correct word
Which of the following products would be most suitable for exclusive distribution?
A) Gucci shoes B) Nokia cell phones C) Vogue magazines D) Levi Strauss jeans
A(n) __________ is an action, device, procedure, or technique that reduces a threat, a vulnerability, or an attack by eliminating or preventing it, by minimizing the harm it can cause, or by discovering and reporting it so that correct action can be taken
A. attack C. countermeasure B. adversary D. protocol
The amount of a sunk cost will vary depending on the values of the decision variables
Indicate whether the statement is true or false