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Contributions are a tax deduction for the company and are tax-deferred to employees until the time that disbursal begins, but values will still need to be noted.
5)
Josephine's company would be required to make contributions to individual retirement accounts each year, however Josephine personally would not be required to make any contributions to her own 401(k) if she did not wish to (and if the legal documents creating the company's retirement plan policy exempt her from needing to have such a plan in place, and even without this legal provision only the company would be required to make contributions from its profits, not Josephine from her salary). In simple terms, no, Josephine would not be required to make a contribution to her retirement account each year.
7)
401(k)s are very simple -- they are basically like a savings account that you can put tax-free...
401(k)s are better than savings accounts, though, because the money in your account is pooled with money from other accounts and used to invest -- carefully and conservatively -- in a variety of growth instruments like bonds, money market funds, stocks, and similar securities. This way, the money can continue to grow, all while coming with a tax benefit to you and free matching funds (and sometimes a consistent contribution) form your employer as well!
References
Obringer, L. (2011). How 401(k) plans work. Accessed 13 December 2011. http://money.howstuffworks.com/personal-finance/retirement-planning/401k1.htm
Taylor, D. (2011). Small-business retirement plans. Accessed 13 December 2011. http://www.bankrate.com/finance/money-guides/retirement-plans-for-small-businesses-1.aspx
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