Match the Basic Limitation on Contributions to the Retirement Plans

question 70

Short Answer

Match the basic limitation on contributions to the retirement plans for 2017 with the retirement plan. Limitations may be used more than once. Assume all taxpayers are under age 50, unless stated otherwise.
1. _____ Roth IRA
2. _____ 401(k) plan
3. _____ Defined benefit retirement plan
4. _____ Defined contribution retirement plan
5. _____ Nonqualified deferred compensation plan
6. _____ IRA (taxpayer over age 50)
7. _____ Spousal IRA
8. _____ Keogh plan (defined contribution)
a. No limit
b. $5,500
c. $6,500
d. $18,000
e. $54,000
f. $215,000

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Definitions:

Taxable Income

The sum of earnings that determines the tax liability of a person or corporation to the state.

Marginal Provincial Tax Rate

The percentage of tax applied to your next dollar of income, specific to the tax brackets determined by a Canadian province.

Provincial Tax Rates

The income tax rates levied by a province on individuals and businesses, which vary depending on the province and income level.

Average Provincial Tax Rate

The Average Provincial Tax Rate is the average rate of tax imposed by a province on income, which can vary depending on the income level and specific province.