Bob earns $40,000 during the current year. His employer contributes $2,000 (5 percent of Bobs salary) to
Question:
Bob earns $40,000 during the current year. His employer contributes $2,000 (5 percent of Bob’s salary) to a qualified retirement plan for Bob. This pension plan is what kind of plan?
a. Defined benefit plan
b. Defined contribution plan
c. Employee Stock Ownership Plan
d. Profit-sharing plan
e. None of the above
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Related Book For
Income Tax Fundamentals 2017
ISBN: 9781305872738
35th Edition
Authors: Gerald E. Whittenburg, Steven Gill, Martha Altus Buller
Question Posted: