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An employer profit sharing plan may be described as:
Suggested Answer: D
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all of the above. A profit sharing plan has tax deductible contributions and is designed to provide a retirement plan for participants. Income in the plan is tax-free until withdrawn.
2 comments · newest first
AL
Alberto
17 hours ago
I practiced a similar question, and I think the answer might be D) all of the above since they all seem related to profit sharing.
EA
Earleen
6 days ago
I think I remember that profit sharing plans can be considered retirement plans, but I'm not sure about the tax deduction part.