EMPLOYEE BENEFITS Indicate whether each of the following items is considered a n

Question

EMPLOYEE BENEFITS

Indicate whether each of the following items is considered a nonqualified compensation plan (N), a qualified compensation plan (Q), or hybrid (h) or fringe benefit (f)

            a.         Individual Retirement Account.

            b.         Incentive stock option.

            c.         Group term life insurance.

            d.         Cafeteria plan.

            e.         Pension plan.

            f.          Profit sharing plan.

            g.         Nonqualified stock option.

            h.         KEOGH plan.

            i.          Simplified employee pension plan.

Explanation / Answer

EMPLOYEE BENEFITS Type of Plan             a.         Individual Retirement Account. Q Qualified Compensation plan             b.         Incentive stock option. Q Qualified Compensation plan             c.         Group term life insurance. F Fringe benefit             d.         Cafeteria plan. F Fringe benefit             e.         Pension plan. Q Qualified Compensation plan             f.          Profit sharing plan. H HYBRID             g.         Nonqualified stock option. N Non - Qualified Compensation plan             h.         KEOGH plan. Q Qualified Compensation plan             i.          Simplified employee pension plan. Q Qualified Compensation plan

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