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Eva's Certified Payroll Professional > Compliance/ Research And Resouces > Flashcards

Compliance/ Research And Resouces Flashcards

1
Q

Escheatment law procedure

A
  1. Identify the property
  2. Comply with your states “abandonment period”
  3. Most states require forms to be filed by November 1st.
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2
Q

What does FMLA stand for?

A

Family and medical leave act

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3
Q

What does FMLA require?

A

Employees right to take unpaid, job protected leave for specified family and medical reasons, with continuation of group health insurance coverage.

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4
Q

What events qualify an employee to take FMLA?

A
  1. birth of a child
  2. To care for an immediate family member (spouse, child, or parent) with a serious health condition.
  3. Placement with the employee of a son or daughter for adoption of foster care.
  4. To take medical leave when the employee is unable to work because of a serious medical condition
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5
Q

How long is an employee’s job protected under FMLA?

A

up to 12 weeks of unpaid, job protected leave during any 12 month period

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6
Q

What types of wages are considered “supplemental”?

A

Amounts that are not regular wages. Examples are Bonuses, commissions, overtime, severance pay, retro pay, and payments for nondeductible moving expenses.

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7
Q

What are the 2 (federal tax) deposit methods?

A
  1. EFTPS

2. 8109-B coupon

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8
Q

How does FMLA define a “key employee”?

A

A salaried, FMLA-eligible employee who is among the highest 10% of all the employees employed by the employer within 75 miles of the employees worksite.

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9
Q

COBRA stands for __________

A

Consolidated Omnibus Budget Reconciliation Act

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10
Q

What employers are required to offer COBRA benefits?

A

Employers of 20 or more employees with group health plans.

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11
Q

What does COBRA require?

A

COBRA health coverage must be offered when a qualifying event has resulted in losing health coverage for the employee, spouse, and/or dependent children.

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12
Q

COBRA coverage cannot exceed ________________

A

102% of the costs to the plan for similarly situated individuals who have not incurred a qualifying event before.

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13
Q

What is the maximum coverage period outlined by COBRA?

A

18 months in most cases, unless a special qualifying event takes place or a second qualifying event happens, then the period can be extended to 36 months.

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14
Q

What does ERISA stand for?

A

Employee Retirement Income Security Act

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15
Q

What do Escheatment laws pertain to?

A

The process of identifying and reporting employee’s deposits/accounts that are considered abandoned, to the state.

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16
Q

What does ERISA cover?

A

retirement, health (COBRA/HIPAA) and other welfare benefit plans (Ex: life, disability and apprenticeship plans).

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17
Q

According to ERISA, what is an employee welfare benefit plan?

A

Any plan, fund or program which is established or maintained by an employer or by an employee organization, or both, to the extent that such plan, fund or program was established or is maintained for the purpose of providing:

  • Medical, surgical or hospital care
  • benefits in the event of sickness, accident, dbl, death or unemployment
  • vacation benefits
  • apprenticeship or training programs
  • Day care centers
  • Scholarship fund
  • Prepaid legal services
  • Other benefits described in the Labor- Management relations act of 1947
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18
Q

What is ERISA for?

A

ERISA was established to help protect the rights and financial security of retirees who are and were dependent on pensions for their retirement funding.

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19
Q

What reporting and filing requirements are mandated by ERISA

A

Summary plan descriptions (SPD$ and form 5500 - pension benefit guaranty corporation annual report form series

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20
Q

What is USCIS?

A

U.S. Citizenship and immigration services

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21
Q

True or False: E-Verify is required for all businesses.

A

False- it is still a voluntary program (federally).

Some states have specific laws that require employers to use E-Verify.

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22
Q

By what date should forms 1042/ 1042-S/ 1042-T be filed?

A

March 15 of the preceding year

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23
Q

Who is required to file form 1042?

A

Filed by any withholding agent who receives or controls periodic or annual income that meets one of 3 criteria:

  1. 1042-S is required
  2. Gross investment income is paid to taxable foreign private foundations
  3. Specified federal procurement payments are paid to any foreign person
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24
Q

Who must file form 1042-S?

A

Filed by a withholding agent who makes a certain payment as a part of a trade or business to an individual who is defined as a foreign person and for which withholding is required.

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25
Q

When is the 1042-T not required?

A

When the employer filed electronically.

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26
Q

When does form 1096 need to be filed by?

A

The end of February

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27
Q

When does the 1099-Misc have to be filed with the IRS by?

A

End of February if on paper. If filed electronically then the end of March is the due date.

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28
Q

What is the minimum amount that must be reported on form 1099-Misc?

A

$10 in royalties or $600 for the various other items.

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29
Q

What is form 1099-R for?

A

For any person or entity that makes a payment that is distributing from a pension, annuity, retirement or profit sharing plans.

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30
Q

What is form 668-d?

A

Intent to levy

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31
Q

Part 2 of form 940 is for _________

A

Disclosing the determination of FUTA taxes due before adjustments. Lines 3-8.

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32
Q

Part 1 of form 940 is for __________

A

Information regarding state unemployment payments.

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33
Q

Part 3 of form 940 is for ______

A

Determining the amount of adjustments, if any, which is applicable to the amount of FUTA due. Lines 9-12

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34
Q

Part 4 of form 940 is for _________

A

To finalize the total balance that has yet to be paid, or a credit balance, after accounting for payments that were previously made through the year.

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35
Q

Part 5 of form 940 is for __________

A

Reconciling your FUTA liability by quarter, only if your total liability was over $500 for the year.

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36
Q

What are the 2 purposes for filing a schedule A with form 940?

A
  1. To identify each of the multiple states to which state-mandated unemployment tax was paid, and to report information regarding wages and taxes paid.
  2. To calculate and report the amount of the credit reduction.
37
Q

Lines 1-4 of form 941 are for ________

A

Reporting employee income and withholding amounts for the quarter.

38
Q

What are lines 5a-5f on form 941 for?

A

These lines calculate total FICA taxes due. Including additional Medicare and SS tips.

39
Q

Lines 6-10 on form 941 are for _________

A

Line 6 is for the total taxes calculated above.

Lines 7-10 are for adjustments for sick pay, tips, GTL, and fraction of cents.

40
Q

Lines 11 - 15 on form 941 are for _________

A
  1. Total FUTA due.
  2. Balance due
  3. Overpayment
  4. Deposit schedule
  5. Business status change (closed/seasonal)
41
Q

Part 1 of form 941x is for _______

A

Selecting if you are adjusting the previously filed returns with increases and decreases, or if you over paid taxes and would like a refund.

42
Q

Part 2 of form 941x is for ___________

A

Declaring what the intent of filing this return is for. Specifying what type of change happened that resulted in amending this return.

43
Q

Part 3 of form 941x is for ________

A

Reporting the originally filed liability and showing exactly what field changed, with the total difference being shown in column 4.

44
Q

Part 4 of form 941x is to _________

A

Provide a brief but detailed explanation of how you determined the corrections

45
Q

Employers of agricultural workers are required to file form ________ on a __________ frequency.

A

Form 943 on an annual basis.

46
Q

What type of employer files form 944?

A

Employers who have been notified by the IRS that their payroll liability is small enough to only require returns on an annual basis.

47
Q

Backup withholding is reported on form _____

A

945- Annual return of withheld federal income tax

48
Q

True or False: Form I-9 is required by IRCA.

A

True

49
Q

IRCA stands for _________

A

immigration reform and control act

50
Q

Box 12 on form W-2 is to report ________

A

Reporting any 4 of 31 codes for various fringe benefits

51
Q

Box 14 of form W-2 is for _______

A

Reporting any other information which may be useful to the employee. Examples: SDI, Union Dues, Health insurance premiums, etc…

52
Q

True or False: Form W-4 is required to be filed.

A

False- Form W-4 is voluntary

53
Q

If there is no form W-4p on file, and the payments are not periodic, at what percentage should FIT be withheld?

A

10% of the total payable

54
Q

What does HIPAA stand for?

A

Health insurance portability and accountability act

55
Q

What is HIPAA for?

A

It governs the privacy and security of individuals personal health information.

56
Q

In relation to payroll, what does HIPAA regulate?

A

HIPAA covers the company health plan.

57
Q

True or False: HIPAA restricts the ability of a group health plan to limit or discriminate against an individual based on health factors.

A

True

58
Q

HIPAA requires that employers _________ and _________ the employees health information.

A

Protect and secure

59
Q

What does IRCA stand for?

A

Immigration reform and control act

60
Q

What is IRCA?

A

A law which was passed in order to control and deter illegal immigration to the US.

61
Q

How long is the I-9 required to be kept?

A

As long as the employee works for the employer.

If the employee no longer works there, then either a year after employment ended or 3 years after the date of hire. Which ever is later.

62
Q

What are the penalties for hiring unauthorized aliens?

A

1st offense - $3,200 per worker
2nd offense- up to $6,500 per worker
3rd + offense up to $16,000 per worker

63
Q

What are the steps of the e-verify report comes back with a TNC result?

A

Notify the employee. The employee can be terminated (after final non confirmation) if they choose to not contest the result, otherwise the employee has 8 days to go to the SSA office to clear up the matter.

64
Q

What is a schedule B?

A

It’s a personal return which reports the interest and dividend income you receive.

65
Q

If your check date is Thursday, when is the tax payment due? (semi weekly depositor)

A

Wednesday

66
Q

If your check date is on Monday, when is your tax deposit due?

A

Friday

67
Q

If your tax deposit is due on Friday, what days were your checks issued on?

A

Saturday through Tuesday

68
Q

What is “wage assignments”?

A

Garnishments

69
Q

What does CCPA stand for?

A

Consumer credit protection act

70
Q

What are the provisions listen under CCPA?

A

Employees cannot be termed because of a garnishment order and it limits the amount of earnings that can be garnished in a week.

71
Q

Workers compensation is for what type of injury?

A

On the job injuries or an illness that was work related

72
Q

What is the minimum percentage of tips that should be reported each period?

A

8%

73
Q

Who must file form 8027? (TEFRA)

A

Establishments in which the following applies:

  • Food or beverage is provided for consumption on the premises
  • tipping is customary
  • more than 10 employees who work more than 80 hours in the calendar year
74
Q

Carry out sales are considered ____________

A

Non allocable receipts

75
Q

When must tips be allocated?

A

If the total tips reported is less than 8%

76
Q

What is a common paymaster ?

A

A single entity designated by a large corporation under the “common paymaster rule” that is responsible for maintaining the payroll records of employees paid by multiple subsidiaries within the company in order to avoid paying extra payroll taxes.

77
Q

Whose information is shown in boxes B and C of form W-2, when there is a common pay agent?

A

The common pay agent information

78
Q

What is form 941, schedule d for?

A

To report discrepancies on forms 941 and w-2 as a result of a acquisition, merger or consolidation

79
Q

According to FLSA, how long should employee records be kept?

A

3 years for payroll records and 2 years for records such as timecards or piecework tickets

80
Q

according to FMLA, how long are records to be kept?

A

3 years minimum

81
Q

According to ERISA, how long are records to be kept?

A

6 years

82
Q

Employment tax records should be kept for ___________ years.

A

4 years after the filing of the 4th quarter of that year

83
Q

How long does USCIS require that form I-9 be retained?

A

3 years after the date of hire (current employees) or 1 year after termination

84
Q

According to EEOC, how long are records to be retained?

A

One year from date of making of the record. In the case of termination, one year from date of termination

85
Q

What does it mean to expatriate an employee?

A

To send the employee to live abroad for a defined period of time.

86
Q

Form 8233 is for _______

A

A non resident alien to claim exempt from withholding for personal services because of an income tax treaty

87
Q

What is a “totalization agreement” for?

A

To avoid dual SS taxation and for benefit protection

88
Q

What is the minimum penalty for not retaining form I-9?

A

$110 per violation

89
Q

What is the maximum penalty for not retaining an I-9?

A

$1,100 per violation

Eva's Certified Payroll Professional (7 decks)

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