A 20% Excise Tax Is Imposed on Nondeductible Contributions by an Employer

question 79

True/False

A 20% excise tax is imposed on nondeductible contributions by an employer to a qualified plan.

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Definitions:

Multiplication

A mathematical operation that calculates the total of one number added to itself a specified number of times.

Equivalent Fraction

Fractions that, although they have different numerators and denominators, represent the same part of a whole.

Division

A mathematical operation involving the process of dividing one number by another to find how many times the divisor fits into the dividend.

Division

The process of ascertaining how many times one number is contained within another.