Quiz 15 Read Chapter 5 of the Retirement Planning Textbook to complete this quiz

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Quiz 15
Read Chapter 5 of the Retirement Planning Textbook to complete this quiz. You may wish to consider keeping the quiz open as you read to help you focus on the most essential information.
Question 12 pts
XYZ Corp’s covered compensation of all eligible employees is $2,000,000. What is the maximum XYZ can deduct as a contribution to the company’s profit-sharing plan?
Group of answer choices
$500,000
$550,000
$1,000,000
$750,000
Question 22 pts
Bill earns a $65,000 salary and participates in a profit-sharing plan. What is the maximum allowable amount that his employer can contribute to this plan for him this year?
Group of answer choices
$16,250
$6,500
$19,000
$65,000
Question 34 pts
Match the following terms with their definition:
Group of answer choices
Cash or Deferred Arrangement (CODA)
[ Choose ] Enables an employee to make after-tax contributions toa qualified plan in excess of the normal contribution limits Non-vested benefit lost when an employee leaves the profit sharing plan Permits an employee to make pre-taxcontributions to the profit sharing plan Allows higher contributions into the qualified plan for high-income employees
Forfeiture
[ Choose ] Enables an employee to make after-tax contributions toa qualified plan in excess of the normal contribution limits Non-vested benefit lost when an employee leaves the profit sharing plan Permits an employee to make pre-taxcontributions to the profit sharing plan Allows higher contributions into the qualified plan for high-income employees
Social Security Integration
[ Choose ] Enables an employee to make after-tax contributions toa qualified plan in excess of the normal contribution limits Non-vested benefit lost when an employee leaves the profit sharing plan Permits an employee to make pre-taxcontributions to the profit sharing plan Allows higher contributions into the qualified plan for high-income employees
Thrift Plan
[ Choose ] Enables an employee to make after-tax contributions toa qualified plan in excess of the normal contribution limits Non-vested benefit lost when an employee leaves the profit sharing plan Permits an employee to make pre-taxcontributions to the profit sharing plan Allows higher contributions into the qualified plan for high-income employees
Question 42 pts
Linda participates in a matching 401(k) plan and earns $100,000. The company matches $0.50 per $1 she contributes up to five percent of compensation. Calculate the amount of the employer match for the following contributions from Linda: (enter your answer with numbers only, no commas, dollar signs, dashes, etc)
If Linda contributes $3,000 , her employer will contribute .
If Linda contributes $5,000 , her employer will contribute .
If Linda contributes $15,500 , her employer will contribute .

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