Enmgy Q-00062-15-o Series2 Admin - 1 Cpe Hour For Score Of At Least 70%

10 Questions | Total Attempts: 44

SettingsSettingsSettings
Please wait...
Enmgy Q-00062-15-o Series2 Admin - 1 Cpe Hour For Score Of At Least 70%

MAR/APR 2015 - SERIES 2 2015ADMIN & COMPLIANCEPlease indicate whether each of the following statements is TRUE or FALSE


Questions and Answers
  • 1. 
    The maximum defined contribution deduction limit is based on 25% of Section 404 compensation and Section 404 compensation is based on the Plan definition of Compensation.
    • A. 

      True

    • B. 

      False

  • 2. 
    The defined contribution deduction limit is based on 25% of Section 404 compensation and Section 404 compensation must be capped at the Section 401(a)(17) dollar limit, as indexed for cost of living increases. 
    • A. 

      True

    • B. 

      False

  • 3. 
    The defined contribution deduction limit applies to the total of all employer contributions made to all defined contribution plans, not including the separately deductible salary deferral contributions made by employees.
    • A. 

      True

    • B. 

      False

  • 4. 
    If an employer’s contributions for a particular fiscal year exceed the maximum Section 404 deduction limit, the amount in excess of the deductible limits are subject to a 10% excise tax under IRC Section 4972. 
    • A. 

      True

    • B. 

      False

  • 5. 
    When the employer’s fiscal year and plan year are not based on the same timeframe, the defined contribution deduction limit is based on 25% of Section 404 compensation during the employer’s fiscal year, not the plan year. 
    • A. 

      True

    • B. 

      False

  • 6. 
    When the employer’s fiscal year and plan year are not based on the same timeframe, the determination of deductible salary deferral contributions must dovetail with the pay periods that occurred during the employer’s fiscal year in accordance with Revenue Ruling 90-105.
    • A. 

      True

    • B. 

      False

  • 7. 
    In order to meet the deadline for a Sole Proprietor (with a calendar tax year and plan year) to take a deduction for employer profit sharing contributions, contributions must be deposited no later than the October 15th tax filing deadline for the sole proprietor's tax return. 
    • A. 

      True

    • B. 

      False

  • 8. 
    In order to meet the deadline for a Sole Proprietor (with a calendar tax year and plan year) to take a deduction and meet minimum funding standards for employer money purchase plan contributions, contributions must be deposited no later than September 15th
    • A. 

      True

    • B. 

      False

  • 9. 
    In order to meet the deadline for a Partnership (with a calendar tax year and plan year) to take a deduction for employer profit sharing contributions, without a tax extension, contributions must be deposited no later than the April 15th filing deadline for the partnership’s tax return. 
    • A. 

      True

    • B. 

      False

  • 10. 
    In order to meet the deadline for an S-Corporation (with a calendar tax year and plan year) to take a deduction for employer profit sharing contributions, without a tax extension, contributions must be deposited no later than the March 15th filing deadline for the corporation’s tax return. 
    • A. 

      True

    • B. 

      False

Back to Top Back to top