Finance Questions

Highlight the correct one 13.) Charles earns $ 400,000 per year home Cleaning services has been employed for the last ten year: Home Cleaning services sponsors defined benefit plan that provides employees with abenefit equal to 1.5% per year service ot employees final compensation At he current time what Charles retirement benefit payable from the defined plan. $39,000 b.$60,000 )$210. d.)$260,000 14 Milton age 38 earns 0,000 per year His Dumaine Consulting sponsors o qualified profit sharing 401(k) allocates all plan forfeitures to remainin participants.if the rent year Dumaine Consulting makes contribution to all imployees and allocates 4,000 of forfeitures Milton's profit sharing plan account,what is 1 he maximum Milton can defer the 401 kl plan in 2014? a)$0 b.)$14,000 c.)$17,500 d.)$23,000 16.)SK owns Sk Ltd.which is professional firm with the five employees that sponsors both a defined benefit plan sharing plar with c cash deferred arrangement. The covered compensation for SKLtd 600,000.Salary deferrals total of 300,000,If the required funding for the defined benefit planis 120,000, then how much can be contributed the profit sharing plan b.)$30,000 )$36,000 d.)$150,000 3.)If benefit from qual fied 2,000 per month,what is the maximum death benefit coverage that the on the 100 ratio test? a)$0 b.)$2.400 )$200,000 d.)240,000 13.)A defined ion plan has a funding form ula equal final salary If Jim's final salary $ 600,000 and Jim has earned 30 years of service,what retirement benefit 2014? )$78,000 b.1$180.000 c.)$210,000 d.)$260,0 14,)Accent Inc sponsors a 25% money purchase pension plan eligible carlos earns $200,000 earns 300,000 who earns 27,000.What i contribution for the under age 50 a)$117 000 b,)$126 250 500 d.)$140,000 19. Knowledge star iso 30 year old company that has grown significantly revenue and product p pension that provides benefit 2% participation times average of salary less an iffset The offset equals 1% imes service times income below the covered compensation limit of $40,000(assumed).Roberto has orked with knowledge star for the last 30 ears and earned $90,000 two years ago $110,000 last year and $130,000 this year If retir ing this year how much should he expect to receive as pension benefit.? )$45,000 b.)$54,000 )$66,000 15.)Big Corp 401(k)plan that tallows for hardship Sandre would like return get She has 0000 in her use but would like to take hardship her 01(k)plan for the maxin um amount available Sandra's program will take two years and cost 4 7,000 per year. Sandra's 401(K account balance $ 20,000 ,Sandra has never made any hardship ributions her elective conte ributions the plan total $10,000.How much can Sandrawithdraw as o hardship distribution? b.)$7.000 c.)$10,000 d.)$20,000 20.)Aztec Clay is family owned business that owned by Alice Bill Chad anc Zion Alice and Bill over employee rather silent somewhat silent partner Alice Bil are mor and Chad is their 25 year old son who has degree Soil science from University Bangladash, Aztec sponsors 401(K) plan. The employee census information is ir the chart below. Employee Ownership Salary Annual Account statues elective balance defermal Alice 30% $330,000 $20,000 $400,000 Officer Bil $20,000 $600,000 Chad $80,000 $10,000 $150,000 Dave $180,000 $15,000 $150,000 Officer Erin 0% $140,000 $15 $100,000 Frank 0% $50,000 $8,000 $50,000 Ginger 0% $40,000 $0 $10,000 Haley $30,000 $2,000 $30,000 Irish 0% $20,000 $1,000 $10,000 Jen 0% $20,000 $0 $5,000 $ 1,100,000 $91,000 $1,505,000 Assuming the company did not elect the exception to the definition highly compensated employees the average ADP of the highly compensated employees car be no greater that what percent. a,77,53% c.)8.65% d.)11.98% 22,) Sheehar works for Andy Company and superior sales quy.His total ompensation this year is 600 000 Andy sponsors inteorated profi sharing olan with base as the integration level How much will the company contr ibute for Sheehan for 2014, a.)$14,30 b.)$22,165 c.)$22,451 d.)$52,000