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Author Question: Ross works for Houston Corporation, which has a contributory defined contribution pension plan. The ... (Read 24 times)

Evvie72

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on: Sep 13, 2020
Ross works for Houston Corporation, which has a contributory defined contribution pension plan. The employer's monthly contribution to the plan is 8 percent of each participating employee's monthly salary, while the employee contributes only 6 percent. Which of the following statements best describes the benefits of the plan?
◦ Houston receives a deduction for its contributions to the plan when Ross receives a distribution from the plan.
◦ While Ross is taxed on the employer's contributions to the plan, his own contributions are not taxed until he receives a distribution from the plan.
◦ Ross may deduct his own contributions to the pension plan, and Ross reports income from the plan each year until he receives distributions from the plan.
◦ The amounts contributed to the plan and the earnings on those contributions are not taxed to Ross until he retires or receives a distribution from the plan.
Federal Taxation 2017 Individuals ¦ Pope, Rupert, Anderson ¦ 30th Edition
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Marked as best answer by Evvie72 on Sep 13, 2020

debra928

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Reply #1 on: Sep 13, 2020
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Evvie72

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Reply 2 on: Sep 13, 2020
YES! Correct, THANKS for helping me on my review

tkempin

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Reply 3 on: Yesterday
Wow, this really help

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