Series 6

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Author:
Anonymous
ID:
213095
Filename:
Series 6
Updated:
2013-04-12 15:50:48
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Series
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Description:
Terms I need to learn to pass the series 6 for california
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  1. What is the Employee elective deferral limit for a Traditional 401K and Safe Harbor 401K plan?
    $17,000
  2. what is the contribution limit for an employee or employer (elective contribution limit) 401K contribution?
    $17,000
  3. What is the maximum catch up contribution for a 401K?
    $5,500 or a total of $23,000
  4. What is the maximum contribution limit for an IRA of any kind.
    $1,000
  5. What is the maximum employer/employee contribution to a 401K of any kind?
    • Cannot exceed the lesser of $51,000 or 100% of compensation.

  6. What is the maximum considered compensation when determining employer and employee contributions to a 401K, an IRA
    $255,000
  7. What is a Simplified Employee Pension Plan?
    SEP IRA -no more than 50 employees
  8. Who funds a SEP IRA
    The boss foots the bill!
  9. What is the contribution limit on a SEP IRA?
    25% of employees earned income or $51,000. Whichever is less. This is different from 401K which is 100% of compensation
  10. What are the restrictions for the employee to participate in a SEP IRA
    Must be at least 21 and worked for employer 3 of the last 5 years, and has been paid at least $550 in the last 12 months.
  11. What is the catch-up contribution for a SEP IRA
    Trick Question!!! There is no catch-Up for a SEP. SEP's can't catch up!

    However, if the SEP is contained WITHIN a traditional IRA and it is allowed, a catch-up contribution up to the standard $5,500 or $6,500 if over 50 are allowed.
  12. What is a "Simple IRA"
    Match plan for businesses with 100 or less employees AND no other retirement plan.
  13. What are the numbers for a SIMPLE IRA
    • Employee Contribution Limit $12,000
    • Catch-Up - $2,500 ($14,500 limit)
    • Same Max of $255,000
  14. What is a KEOGH plan?
    They are for self employed folks. Also called an HR-10. Standard Contribution limits and Maximum Considered Compensation.
  15. 403b?
    Tax Sheltered Annuities for public school employees and non-profits. Limits and contributions are standard.
  16. What are the standard limits all plans seem to have?
    Contribution limit: 100% or $51,000, which ever is LESS

    Maximum Considered Compensation $255,000

    Employee elective deferral limit - $17,500

    Catch-up Contribution - $5,500 ($23,000)
  17. What is the standard Contribution Limit?
    100% or $51,000, whichever is less.
  18. What is the standard Maximum Considered Compensation
    $255,000
  19. What is the standard Employee elective deferral limit?
    $17,500
  20. What is the standard Catch up Contribution
    $5,500 to a maximum of ($23,000)
  21. Which plan has different limits from the standard?
    SIMPLE IRA - it's not simple because the limits are different! The contribution and catch up are different. ($12,000 and $2,500/$14,000)
  22. What is different about a Section 457 plan for Government employees and tax exempt organizations?
    Catch up is $17,500/$35,000

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