PLEASE PROVIDE ANSWERS FOR EACH QUESTION AND NO HAND WRITTEN ANSWERS PLEASE What
ID: 2822260 • Letter: P
Question
PLEASE PROVIDE ANSWERS FOR EACH QUESTION AND NO HAND WRITTEN ANSWERS PLEASE
What are the penalties for not making timely payroll deposits?
If a business fails to make payroll deposits, who is held responsible?
What are the differences between a defined benefit pension plan and a defined contribution pension plan?
Briefly discuss the conditions necessary for a taxpayer to be permitted to make tax-deductible contributions to a traditional IRA.
Anne, a single taxpayer under age 50, has wage income of $74,000 and is not covered under a retirement plan by her employer. She would like to start a retirement plan if possible. What options are available to her?
Explanation / Answer
In case of company, the employee is held accountable who is responsible for paying taxes on time.
Defined Benefit Pension Plan
Defined Contribution Pension Plan
It is a retirement plan and the employee decides how much money should be invested and where to invest it.
It has high risk
It helps the employees to accumulate the retirement savings.
Defined Benefit Pension Plan
Defined Contribution Pension Plan
- It is a retirement account and the employer decides where to invest the money
It is a retirement plan and the employee decides how much money should be invested and where to invest it.
- It is a guaranteed payout
It has high risk
- It provides members with the lifetime retirement income
It helps the employees to accumulate the retirement savings.
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