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Small Business 401k Plans Trivia

(September 20th, 2008)

This trivia will quiz you on the concepts explained in the article 401k Plans for a Small Business Owner. If there is any question you do not understand, it is advised to refer to that page for explanation. After selecting your answers, choose the "Grade Me!" button at the bottom to know your result & the right answers.

1) A small business 401k is also known by its other names
a) Individual(K)
b) Solo 401k
c) Self Employed 401(k)
d) All of the above
2) Only sole proprietors, and not partnerships & corporations can own Small Business 401k plans?
a) True
b) False
3) You can require an employee to perform atleast ___ year of work service before he/she becomes eligible to make salary deferral 401k contributions.
a) 4
b) 3
c) 2
d) 1
4) For eligibility purposes, an employee has done 1 year of service if he/she has worked atleast _____ hours during the year.
a) 1000
b) 1500
c) 1600
d) 2000
5) Salary deferral contribution limit for small business 401k plans for the year 2007 is:
a) $14,500
b) $15,000
c) $15,500
d) $16,000
6) A small business owner can contribute upto ___% of his net business income towards his small business 401k plan, but no more than $_____ for 2007.
a) 20%; $40,000
b) 25%, $45,000
c) 30%, $48,000
d) 32%, $50,000
7) The Small business 401k allows you to deduct plan contributions of up to ___% of your eligible compensation.
a) 20%
b) 25%
c) 30%
d) 15%
8) For plan purposes, total compensation is limited to $_______ for 2006 and $_________ for 2007.
a) $200,000; $205,000
b) $210,000; $215,000
c) $218,000; $220,000
d) $220,000; $225,000
9) A small business 401k plan must be established by the ____________________________
a) December 31st, of the current year
b) April 30th, the tax filing deadline
c) Last date of the fiscal operating year
d) November 11th, Halloween Day
10) John is a small businessman and earned $85,000 net income for 2006. His maximum employer matched small business 401k contribution limit for 2006 is:
a) $12,750 (15% x $85,000)
b) $17,000 (20% x $85,000)
c) $21,250 (25% x $85,000)
d) $25,500 (30% x $85,000)

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401k Contribution Limits
2005 $14,000 $18,000
2006 $15,000 $20,000
2007 $15,000 $20,500
2008 $15,500 $20,500
2009 $16,500 $22,000
2010 $16,500 $22,000

Roth IRA Contribution Limits
2002 $3000 $3500
2003 $3000 $3500
2004 $3000 $3500
2005 $4000 $4500
2006 $4000 $5000
2007 $4000 $5000
2008 $5000 $6000
2009 $5000 $6000
2010 $5000 $6000

Simple 401k / IRA Contribution Limits
2006 $10,000 $12,500
2007 $10,500 $13,000
2008 $10,500 $13,000
2009 $11,500 $14,000
2010 $11,500 $14,000

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