For 2019 and 2020, what is the ceiling for a person under the age of 70 and 1/2 to contribute to an Individual Retirement Account? a. $6,000 (or the $12,00 for spousal IRAs) or 100% of compensation. b. $1,000 annually.
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For 2019 and 2020, what is the ceiling for a person under the age of 70 and 1/2 to contribute to an Individual Retirement Account?
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a. $6,000 (or the $12,00 for spousal IRAs) or 100% of compensation. |
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b. $1,000 annually.
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c. $3,000 annually. |
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d. all of the above. |
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- 1. Compute for the annual retirement benefit expense for 2020. (present answer in whole number) 2. Compute for the annual retirement benefit expense for 2021. (present answer in whole number)Required: Compute for the annual retirement benefit expense for 2020. (present answer in whole number) Compute for the annual retirement benefit expense for 2021. (present answer in whole number)Regarding Rodney’ s Registered Retirement Savings Plan situation, assume that the following data is accurate: - His earned income in 2019 was $100,000, and $150,000 in 2020 - His Pension Adjustment based on 2019 data was $8,000, and based on 2020 data, it was $9,000. - Unused RRSP deduction limit room at the end of 2019 was $3,000. - He had undeducted RRSP contributions balance of $3,275 at the end of 2019. - He contributed $13,000 to his RRSP in 2020. Required: What is the RRSP contribution room limit for 2020 What is the maximum RRSP tax deduction that can be claimed for 2020 What is the unused RRSP Contribution Room available at the end of 2020 Determine any undeducted contributions remaining at the end of 2020; and Determine whether at the end of 2020, there are any excess RRSP contributions, on which penalties will apply
- An employer maintains pension trust for its employees. The following information are made: Description 2018 2019 2020 Current service costs 1,500,000 1,700,000 2,000,000 Past service costs 800,000 600,000 How much is the deductible pension contributions for the year 2020?How much is the annual retirement benefit expense for the year ended December 31, 2021? a. ₱ 312,902 b. ₱ 1,390,675 c. ₱ 104,301 d. ₱ 417,203Teddy’s earned income was $54,000 in 2021 and $57,000 in 2022. How much can he contribute to his RRSP in 2022 given the following? Carry forward contribution room: $25,000 Pension adjustment: $6,000 Annual maximum: $29,210 Select one: a. $54,210 b. $28,720 c. $29,260 d. $48,210
- 5) During 2019 you have net employment income of $40,000, a net property loss of $16,000, interest income of $6,000, and income from royalties of $7,000. The royalties were on a book you wrote. You do not have Unused RRSP Deduction Room from previous years. Your employer contributed $3,000 to your RPP. Your maximum deductible Registered Retirement Savings Plan contribution for 2020 is: A) $3,660. B) $1,320. C) $5,580. D) $2,580.What is the maximum monthly social security benefit a person can receive if retiring exactly 1 year after full retirement age in 2022? Group of answer choices $3,613 $3,345 $3,500 $4,148 2022 max monthly SS benefit is $4,194 (Age 70) • 2022 max monthly SS benefit is $3,345 (Full Retirement Age) • 2022 max monthly SS benefit is $2,364 (Age 62) • Benefits are increased annually to account for inflation (Cost of Living Adjustments).• 2011-2021 Average = 1.60% 2022 = 5.9%How much is the balance of the defined benefit obligation at December 31,2020? How much is the surplus or deficit related to retirement benefits that will be shown on December 31,2020 statement of financial position? How much is the defined benefit cost taken to other comprehensive income for the year 2020?
- Assume that a pension plan offers to pay $500,000 on a person's retirement (his/her sixty-fifth birthday) or a semi-annual annuity for the remainder of the person's life – i.e., starting 6 months from the date of retirement and including his/her date of death. Interest rates are 7 percent compounded annually, and a person's life expectancy has been determined statistically as being 78.5 years. Calculate the amounț of the annuity that would make a person indifferent between the options?l .YsmAssume that a pension plan offers to pay $500,000 on a person's retirement (his/her sixty-fifth birthday) or a semi-annual annuity for the remainder of the person's life - i.e., starting 6 months from the date of retirement and including his/her date of death. Interest rates are 7 percent compounded annually, and a person's life expectancy has been determined statistically as being 78.5 years. Calculate the amnunt of the annuity that would make a person indifferent between the options? A person joins a pension plan at age 40 (40" birthday). How much will s/he have to pay into the pension fund each year in order to accumulate a balance of $500,000 by the time s/he retires (age 65)? Assume that the final payment is on his/her 60th birthday. Interest rates are 9% compounded semi-annually.What should be the balance in a Registered Retirement Income Fund (RRIF) that will provide $2,500 at the beginning of each half-year for 5 years, if the RRIF earns 4.75% compounded quarterly?