Collado, Marianela
Defined benefit plans in the big picture
The article focuses on a true story of taxpayer client, Stanley, age 68, explaining the advantages of a defined benefit plan. It states that, the current plan allowed Stanley to defer the maximum of 24,000 dollars and a profit-sharing contribution of 35,000 dollars for himself and yielded a total tax savings of approximately 37,000 dollars. It analyzes a decrease in Satnley's combined federal and state income tax liability with the addition of a defined benefit plan
Defined benefit plans in the big picture
The article focuses on a true story of taxpayer client, Stanley, age 68, explaining the advantages of a defined benefit plan. It states that, the current plan allowed Stanley to defer the maximum of 24,000 dollars and a profit-sharing contribution of 35,000 dollars for himself and yielded a total tax savings of approximately 37,000 dollars. It analyzes a decrease in Satnley's combined federal and state income tax liability with the addition of a defined benefit plan