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Author Question: Which of the following is falseabout a 401(k) plan? (Read 110 times)

Zulu123

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on: Apr 14, 2019

Question 1

Which of the following is true about a 401(k) plan?


◦ There is no penalty for early withdrawal of these funds.
◦ There is no limit on the dollar amount you can contribute.
◦ Your contributions are automatically vested and are yours, regardless of when you leave the firm.
◦ 401(k) contributions are made after taxes are paid on your salary.

Question 2

Which of the following is 
false about a 401(k) plan?


◦ Withdrawals before age 59 1/2 result in a 10% tax penalty.
◦ Less than 50% of all employers offering these plans match a portion of employee's contributions.
◦ Your contributions are limited to a set dollar amount each year.
◦ The money you contribute is deducted from your pay before taxes are assessed.
Personal Finance ¦ Madura ¦ 6th Edition
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Marked as best answer by Zulu123 on Apr 14, 2019

braelync

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Reply #1 on: Apr 14, 2019
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Zulu123

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Reply #2 on: Apr 14, 2019
Thanks


braelync

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Reply #3 on: Apr 14, 2019
Welcome :)


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