401k - Study guides, Class notes & Summaries

Michigan Builders Business/Law/Accounting | Questions and Correct Answers | Latest Update 2024/2025 Verification Form I-9 must be completed by applicants providing proof of identity and employment eligibility within ______ of employment. - Answer -3 days What type of business is the easiest to establish and allows the owner to determine how profits are used although they are personally liable for all debt and assets? - Answer -Sole Proprietorship A ______is a joint co-owner partnership...

pro se divorce - answer - a divorce proceeding in which the parties represent themselves in the divorce action no-fault divorce - answer - a divorce granted without either party having to prove the other party guilty of misconduct Residency Period - answer - at least one spouse must be a resident for a certain period of the time before the court has jurisdiction and the divorce proceedings can begin =about 90 days cooling-off period - answer - the minimum time it takes to complete a div...

401k - ANSWER Plan A plan which allows employees to make tax-deferred contributions to retirement savings accounts. Many employers match these contributions at a specified ratio to help retirement savings build faster. Beneficiary - ANSWER The person or persons who are designated to receive the amount of the death benefit if the policyholder dies. Cafeteria Plan - ANSWER Tax-qualified flexible benefit plans that are offered by participating employers. It was created by the internal Revenue...

Which of the following represents pure risk? A. Purchase of stock in a new company B. An investment in real estate C. Purchase of a lottery ticket D. Chance of fire in a dwelling - ANSWERD. Chance of fire in a dwelling WHICH OF THE FOLLOWING IS A PERIL? A. ATTITUDE TOWARDS SAFETY B. FIRE C. DEDUCTIBLE D. AN EXCLUSION - ANSWERB. FIRE Direct loss refers to: A. Fire damage to a dwellings roof B. Cost of increased living expenses due to a fire C. Reduction in the value of in the in...

Verification Form I-9 must be completed by applicants providing proof of identity and employment eligibility within ______ of employment. 3 days What type of business is the easiest to establish and allows the owner to determine how profits are used although they are personally liable for all debt and assets? Sole Proprietorship A ______is a joint co-owner partnership established to specifically increase bonding and bidding capacities and profits. General Proprietorship Provisions of the A...

A financial profile should include an assessment of the client's: correct answers Current expenditures debt obligations tax status income sources balance sheet containing the client's assets, including: cash, cds, savings, real estate, value and composition of securities, pension and retirement accounts, cash value in life insurance policies, personal items such as jewelry and car and liabilities including current debt (credit card, tax, long term debt, auto, mortgage, loans again...

retention records: How long for IRS? - ️️4 years (3 is 4) reduceing taxable income: 401k come out of fed. cafe comes out of all FIT, SS and MED - ️️note What does Fair Labor Standards Act regulate? - ️️1. Overtime 2. Minimum rate of pay 3. Child Labor Laws 4. Equal pay retention records: How long for FLSA? - ️️3 years (4 is 3) 3 yeas after the last date of entry or 3 years from the last date they were effective What records for FLSA must be kept for 3 years after ...

401K -:- A qualified plan established by employers to which eligibl e employees may make salary deferral (salary reduction) contributions on a post-tax and/or pretax basis. Employers offering a 401(k) plan may make matching or non-elective contributions to the plan on behalf of eligible employees and may also add a profit-sharing feature to the plan. Earnings accrue on a tax-deferred basis. Advertising -:- To call public attention to, especially by pointing out desirable qualiti...

401K A qualified plan established by employers to which eligible employees may make salary deferral (salary reduction) contributions on a post-tax and/or pretax basis. Employers offering a 401(k) plan may make matching or non-elective contributions to the plan on behalf of eligible employees and may also add a profit-sharing feature to the plan. Earnings accrue on a tax-deferred basis. 403 (b) A U.S. tax-advantaged retirement savings plan available for public education organizations...

Deemed substantiation - Employers give employees per diem to spend- so employees do not need proof of their expenses. MUST USE THE LESSOR OF: the per diem rate by company or federal per diem rate What is an accountable plan? What are the two requirements of employees? - Expenses incurred by employees are reimbursed by employer- so employees report no expenses. Requirements: 1- must return any excess reimbursement 2- must substantiate expenses (maintain records of) What is the 'catch up...