PLEASE PROVIDE ANSWERS FOR EACH QUESTION AND NO HAND WRITTEN

PLEASE PROVIDE ANSWERS FOR EACH QUESTION AND NO HAND WRITTEN ANSWERS PLEASE

What are the penalties for not making timely payroll deposits?

If a business fails to make payroll deposits, who is held responsible?

What are the differences between a defined benefit pension plan and a defined contribution pension plan?

Briefly discuss the conditions necessary for a taxpayer to be permitted to make tax-deductible contributions to a traditional IRA.

Anne, a single taxpayer under age 50, has wage income of $74,000 and is not covered under a retirement plan by her employer. She would like to start a retirement plan if possible. What options are available to her?

Solution

In case of company, the employee is held accountable who is responsible for paying taxes on time.

Defined Benefit Pension Plan

Defined Contribution Pension Plan

It is a retirement plan and the employee decides how much money should be invested and where to invest it.

It has high risk

It helps the employees to accumulate the retirement savings.