If an Employer Makes a Contribution to a Qualified Retirement

question 48

True/False

If an employer makes a contribution to a qualified retirement plan on behalf of an employee, the amount is currently deductible by the employer, and the employee must include the amount in gross income at the time the contribution is made.

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Definitions:

Shunt Field

A magnetic field created by a shunt winding in electrical machinery, used for regulation of the machinery's operation.

Series Field

A set of windings in a DC machine or certain types of AC machines connected in series with the armature circuit to create magnetic fields for electromechanical energy conversion.

Rotating Part

A component that moves around a central axis within a machine, contributing to its mechanical function.

Generator

A device used to convert mechanical energy into electric energy.