Question $6$

Which act instituted savings incentive match plans for employees $($SIMPLE plans$)?$

Tax Equity and Fiscal Responsibility Act

$($B$)$ Small Business Job Protection Act of $1996$

Economic Growth and Tax Relief Reconciliation Act

Taxpayer Relief Act of $1997$

Question $7$

A participant in a Keogh plan over the age of $50$ may contribute up to what amount in $2020?$

$($A$)$ $$25,000$

B The lower of $$57,000$ or $25\%$ of earned income from self$-$employment

$($C$)$ The greater of $$57,000$ or $25\%$ of earned income from self$-$employment

$($D$)$ $$7,000$

Question $8$

A simplified employee pension $($SEP$)$ plan is treated, under the law, as

$$ a Roth IRA with higher limits$.$

$($B$)$ a $401($k$)$ with lower limits$.$

a $403($b$)$ with lower limits$.$

$($D$)$ an IRA with higher limits$.$

Question $9$

The solo $401(k)$ plan is suggested for

a firm with $100$ or fewer employees.

a firm with $25$ or fewer employees.

a firm with $10$ or fewer employees.

$($D$)$

a one$-$person firm.

Question $10$

A qualified pension plan provides significant tax benefits to both employers and employees, including:

employer contributions are not treated as compensation to the employee.

earnings from the investments held in the plan are tax$-$deferred.

$($C$)$ no tax on plan assets until the amounts are distributed.

All of the choices are correct.