As Social Security slants benefits in favor of lower-paid workers, the Internal Revenue Code permits employers to adjust pension contributions so that the overall contributions (pension plus Social Security) are nondiscriminatory
This adjustment permits employers to increase pension contributions for highly-compensated employees. Adjusting contributions to consider Social Security contributions is called
A) prorating.
B) indexing.
C) offset.
D) integration.
Answer: D
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When performing an audit of an organization's systems, the auditor's first step should be to:
A. Develop a strategic audit plan B. Gain an understanding of the focus of the business of the organization C. Perform an initial risk assessment to provide the foundation for a risk-based audit D. Determine and define audit scope and materiality
Which of the following statements is true of exemptions to minimum wage and overtime pay requirements?
A) Apprentices must be paid minimum wage. B) Learned professionals generally need not be paid minimum wage. C) Workers involved in hazardous activities need not be paid minimum wage. D) Employees in law enforcement and medical sectors need not be paid minimum wage.