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Categories >> Accounting >> CompanyAffairs CS
 
 


 

 
 Audit interview questions  Audit Interview Questions (428)
 CompanyAffairs CS interview questions  CompanyAffairs CS Interview Questions (158)
 Taxation interview questions  Taxation Interview Questions (1899)
 Accounting General interview questions  Accounting General Interview Questions (2810)
 Accounting AllOther interview questions  Accounting AllOther Interview Questions (4363)
Question
what is deferred profit ?
 Question Submitted By :: CompanyAffairs-CS
I also faced this Question!!     Answer Posted By  
 
Answer
# 1
A portion of company profits allocated by an employer, in
good years, to an employee’s trust.
Contributions on behalf of each employee are expressed as a
percentage of salary with 5% being common practice. If the
profit-sharing plan is a qualified plan according to the
IRS, employer contributions are tax deductible as a business
expense. These contributions are not currently taxable to
the employee; benefits are taxed at the time of distribution.
 
Is This Answer Correct ?    3 Yes 1 No
Sandeep.m
 
Answer
# 2
A portion of company profits allocated by an employer, in
good years, to an employee’s trust.
Contributions on behalf of each employee are expressed as a
percentage of salary with 5% being common practice. If the
profit-sharing plan is a qualified plan according to the
IRS, employer contributions are tax deductible as a business
expense. These contributions are not currently taxable to
the employee; benefits are taxed at the time of distribution.
 
Is This Answer Correct ?    2 Yes 0 No
Sandeep.m
 
 
 

 
 
 
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For more CompanyAffairs CS Interview Questions Click Here 
 
 
 
 
 


   
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