If You Have a Defined-Benefit Retirement Plan Through Your Place

question 155

Multiple Choice

If you have a defined-benefit retirement plan through your place of employment,you are considered a(n) ________;and as such,there is an income limit after which your IRA contributions are no longer tax deductible.

• A)restricted participant
• B)deactivated participant
• C)active participant
• D)All of the above are correct.
• E)Only A and C are correct.

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Definitions:

Government Grant

Financial assistance provided by the government to entities, usually in the form of cash or tax breaks, with specific conditions for use.

Performance Obligation

A commitment in a contract to transfer a distinct good or service to a customer, which is a fundamental concept in revenue recognition.

AASB 141

An Australian Accounting Standard that deals with the agricultural activity, providing guidance on the accounting for agricultural produce and the land on which agriculture is conducted.

IAS 41

An International Accounting Standard that provides the accounting treatment for agricultural activity, including the recognition and measurement of biological assets and agricultural produce.