Name: Yunjia Zhang
Syms School of Business
Tax 6145 Deferred Compensation and Employee Benefits
Fall 2014
Midterm
Fill-in 2 pts each 1. The qualification requirements are intended to prevent discrimination in favor of highly compensated employees, 2. The age and service requirements require that an eligible employee participates in the plan no later than the attainment of age____21______ and_____2 year(s) of service. 3. A contribution to a qualified retirement plan (“QRP”) is income tax deductible if it is made no later than __due of tax return(April 15th) OR 60 extension days___________. 4. Under the dual entry method of plan participation, a QRP’s entry dates are usually the first day of the first plan year beginning after the date on which the employee satisfied the Code section 410(a)(1) minimum age and service requirements ___________ and __ the date 6 months after the date on which the employee satisfied the minimum age and service requirements. ________________. 5. A plan that provides for individual accounts is called a __defined contribution plan__________________. 6. A plan to which annual contributions are discretionary by the employer is called a _profit sharing plan________. 7. A plan in which the fair market value of the plan’s assets may be either greater than or less than its benefit obligations is called a ________defined benefit PLAN_________________. 8. A “year of service” generally is a calendar year, plan year, or other 12-consecutive month period designated by the plan (and not prohibited under regulations prescribed by the Secretary of Labor) during which the participant has completed 1,000 hours of service. ______________________. 9. A group of commonly controlled trades in businesses is treated as a _single___employee_____________ when testing for nondiscrimination in coverage. 10.