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Pls answer these 3 questions. 30. All of the following statements regarding characteristics of profit sharing plans are TRUE, EXCEPT: a. They must contain a
Pls answer these 3 questions.
30. All of the following statements regarding characteristics of profit sharing plans are TRUE, EXCEPT: a. They must contain a specific contribution allocation formula. b. They may be used to reward employees for their efforts. C. The employer may exercise discretion over the amount contributed to the plan each year. d. Contributions must be based on actual profits. e. The maximum amount the employer may deduct on its tax return is 25% of total eligible compensation of all participants. 31. Mrs. "A" works part-time only during the peach-picking season. In 2017, her total annual earnings of $1,600 were received for picking fruit during July and August. How many credits (quarters) of OASDI coverage does Mrs. "A" receive for her 2017 earnings? a. Zero b. One c. TWO d. Three e. Four 34. Social Security pension benefits are (a) subject to income taxes for those with certain income levels. (b) non-taxable for all retirees. (c) subject to state, but not federal, income taxes. (d) subject to capital gains taxes. (e) all of the above. 30. All of the following statements regarding characteristics of profit sharing plans are TRUE, EXCEPT: a. They must contain a specific contribution allocation formula. b. They may be used to reward employees for their efforts. C. The employer may exercise discretion over the amount contributed to the plan each year. d. Contributions must be based on actual profits. e. The maximum amount the employer may deduct on its tax return is 25% of total eligible compensation of all participants. 31. Mrs. "A" works part-time only during the peach-picking season. In 2017, her total annual earnings of $1,600 were received for picking fruit during July and August. How many credits (quarters) of OASDI coverage does Mrs. "A" receive for her 2017 earnings? a. Zero b. One c. TWO d. Three e. Four 34. Social Security pension benefits are (a) subject to income taxes for those with certain income levels. (b) non-taxable for all retirees. (c) subject to state, but not federal, income taxes. (d) subject to capital gains taxes. (e) all of the above Step by Step Solution
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