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Bowen is planning to quit his job as a plumber and open a paint store. He has incurred expenses of $8,000 dealing with the opening of the store and will be able to deduct all of these expenses.
Defined-benefit Plan
A type of pension plan in which an employer promises a specified pension payment upon retirement, based on an employee's earnings history, tenure of service, and age.
Defined-contribution Plan
A retirement plan where employees, employers, or both make contributions on a regular basis, with future benefits dependent on investment performance.
Contributory Plan
A pension plan in which employees contribute a portion of their earnings to fund retirement benefits.
Non-contributory Plan
An employer-sponsored plan where the employer fully funds the benefits without employee contributions.
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