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Bill Cummings is divorced and has custody of his two daughters, ages 4 and 8. This year, Bill has spent $5,000 on the 4-year-old’s preschool, $2,000 for after-school care for the 8-year-old, $500 for two days and nights at summer camp for the 8-year-old, and $1,000 for a sitter to pick up the children and care for them for one to two hours in the evening until he gets home from work. What is the total dollar amount of qualified dependent care expenses that Bill has incurred?

A qualified plan must satisfy one of either the _____ or the _____.(I)ratio percentage test(II)average benefit test(III)usual, reasonable and customary test(IV)ADL minimum qualification trigger test

As Joe Burton’s financial advisor, you’ve encouraged Joe to see a lawyer to finalize his will and to resolve a legal dispute that has arisen over an easement on a lot that Joe owns. Joe tells you that he has a legal services plan at work that provides up to $1,000 in legal service fees per year. Because Joe is friends with the company accountant, he knows that his employer has a “pay-as-you-go” plan. Joe asks you about the tax consequences of using the legal services plan. You tell Joe

Disadvantages of a legal services plan include all of the following, except

In a profit sharing plan, it is common to use participant directed investment, meaning accounts can be invested at the participant’s direction.

The benefit formula of a DBO plan can be

Advantages of defined benefit plans include all of the following, except

Under the Affordable Care Act, all of the following are considered essential benefits, except

Which of the following would not be included in a retirement “fact finder”?

According to tax law, individuals with preexisting conditions can be excluded from participation in a group health plan for up to 18 months.