401(k) Flashcard
Flashcard
•
Other
•
12th Grade
•
Practice Problem
•
Hard
Wayground Content
FREE Resource
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10 questions
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1.
FLASHCARD QUESTION
Front
What is a 401(k)?
Back
A type of savings account that is taxed when contributed, so no taxes are collected when withdrawn at retirement.
2.
FLASHCARD QUESTION
Front
What is the maximum contribution limit for a 401(k) plan in 2022?
Back
$20,500
3.
FLASHCARD QUESTION
Front
Do employers have to match employee contributions in a 401(k) plan?
Back
Employers can choose whether or not to match employee contributions.
4.
FLASHCARD QUESTION
Front
What are the limitations on the combined employer-employee contributions in a 401(k) plan?
Back
$61,000 in 2022 and $66,000 in 2023
5.
FLASHCARD QUESTION
Front
What is the penalty for taking withdrawals from a 401(k) before age 59.5?
Back
10% penalty in addition to any taxes owed
6.
FLASHCARD QUESTION
Front
When was the 401(k) plan designed?
Back
1978
7.
FLASHCARD QUESTION
Front
What is the purpose of 401(k) plans?
Back
To encourage Americans to save for retirement
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