Which of the following benefits enables an employee to defer current receipt of income and have it paid at a later date, when presumably the employee will be in a lower income tax bracket?

Section 303 of the Internal Revenue Code pertains to a specific type of stock redemption used for estate tax planning purposes. It allows a corporation to redeem stock from a deceased shareholder's estate to pay estate taxes without the redemption being treated as a dividend to the estate. This provision is unrelated to deferring income for tax purposes.

An annuity is a financial product that provides a series of payments over a specified period, often used as a source of income during retirement. While annuities can offer tax-deferred growth on earnings, they do not inherently allow employees to defer current income to a lower tax bracket in the same manner as deferred compensation options.

Key person life insurance is a policy a business takes out on the life of a key employee to protect against financial loss due to that individual's death. This type of insurance is not directly related to deferring income for tax purposes and does not offer the same tax benefits associated with deferred compensation options.