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Found of Taxation

Chapter 15: Compensation and Retirement Planning

TermDefinition
employee an individual who performs services for compensation and who works under the direction and control of an employer
independent contractor an individual who performs services for compensation and who works under the direction and control of an employer
expatriates an individual who is a U.S. citizen and resides and works for an extended period in a foreign country
foreign earned income exclusion an annual amount of foreign source earned income on which expatriates are not required to pay federal income tax
fringe benefits any economic benefit subject to valuation received by an employee as additional compensation
cafeteria plan a compensation plan under which employees may choose among two or more benefits, including both cash and noncash items.
stock option the right to purchase corporate stock for a stated price (the strike price) for a given period of time
bargain element the excess of fair market value over cost of stock acquired on exercise of a stock option
incentive stock option a qualified stock option for federal tax purposes. Individuals do not recognize the bargain element as income on the exercise of an ISO
qualified retirement plans retirement plans that meet certain statutory requirements and that allow participants to save for retirement on a tax-deferred basis
premature withdrawal a withdrawal from a qualified retirement plan made before the individual reaches age 59½
rollover contribution a distribution from one qualified plan contributed to another qualified plan within 60 days
employer provided plan a retirement plan sponsored and maintained by an employer for the benefit of the employees
defined-benefit plan a qualified plan under which participants are promised a targeted benefit, usually in the form of a pension, when they retire
defined-contribution plan a qualified plan under which an annual contribution is made to each participant’s retirement account
profit-sharing plans a defined-contribution plan under which an employer regularly contributes a percentage of current earnings to the employee’s retirement accounts
Section 401(k) plans a defined-contribution plan under which employees elect to contribute a portion of current year compensation to an employer-provided retirement plan
deferred compensation a nonqualified plan under which an employer promises to pay a portion of an employee’s current compensation in a future year
Keogh Plan a qualified retirement plan for self-employed individuals
SEP a SEP is a retirement plan that allows an employer (sole proprietor, partnership, or corporation) to administer and contribute to a qualified plan for themself or their employees
Simple IRA a simple IRA is a retirement plan established by a small business owner (typically less than 100 employees) on behalf of the businesses owner or employees
traditional IRA an investment account through which individuals with compensation or earned income can save for retirement on a tax-deferred basis
Roth IRA an investment account through which individuals with compensation or earned income can save for retirement on a tax-exempt basis
rollover IRA an IRA created to receive a distribution from another qualified retirement plan
Created by: ryanriggs18
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