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CPP > CPP Review > Flashcards

CPP Review Flashcards

1
Q

Time period for Child Support wages to be paid after employee’s payment.

A

Within 7 days

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2
Q

What agency provides legal framework around Child Support?

A

Social Security Act

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3
Q

Formula for calculating taxable sick pay?

A

EE’s Sick Pay * Employer Paid Premiums for 3 years / Total premium for 3 years

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4
Q

Third Party Sick Pay Recap Form

A

Form 8922

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5
Q

What is a Golden Parachute Payment?

A

Pmt when there is a change in ownership in the amount of at least 3x the employee’s average salary.

Excess Parachute Payment exceeds 5x salary.

Reports on W-2 Box K - Karat

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6
Q

Qualified Adoption Assistance Expense

A

$16,810

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7
Q

401K Deferral Limits

A

$23,000, or additional $7500 age 50+

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8
Q

Foreign Earned Income Exclusion amount

A

$126,500

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9
Q

Base Housing amount

A

$20,040 or 16% of foreign earned income exclusion

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10
Q

Form used when an employee wants to be exempt from US Income Tax and Withholding

A

Form 8233

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11
Q

Tax treaties are

A

designed to clarify each country’s taxing jurisdiction and to avoid double taxation of income

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12
Q

FUTA Tax Credit Amount

A

5.4% applied to 6.0% (0.6%).
Maximum of $7,000 per employee

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13
Q

Form 940

A

Annual Federal Unemployment Tax Return

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14
Q

Form 944

A

Annual Federal Tax Return. Used in place of Form 941 for tax liability of less than $2500

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15
Q

Form 945

A

Annual Return of Withheld Federal Income Tax (non payroll payments)

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16
Q

Form 943

A

Annual Tax Return for Agricultural employers

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17
Q

Form 1042

A

Annual Withholding Tax return for US Foreign persons. Due date of March 15

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18
Q

Form 1042 Late Fees

A

$60 within 30 days of March 15
$130 if field by Aug 1
$330 if filed after Aug 1

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19
Q

Covey’s principle-centered leadership traits

A

strive to nurture security, guidance, wisdom, and power.

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20
Q

Balance sheet item order

A

Assets, Liability, Stockholder Equity

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21
Q

Semi Weekly Tax Deposit Schedule

A

Saturday - Tuesday: Friday
Wendesday - Friday: Wednesday

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22
Q

ADP Nondiscrimination Highly compensated employee

A

More than $155k in previous year.
Top paid 20% in previous year, or 5% owners of stock

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23
Q

Statutory non-employee

A

“RED” real estate and direct seller

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24
Q

Non-Discretionary Bonus

A

Agreed upon bonus - included in RROP

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25
Q

HSA Catch Up Contribution Age

A

55

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26
Q

FSLA Exempt employees are exempt from

A

overtime and minimum wage

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27
Q

What type of account is a checking account?

A

Asset Account (debit)

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28
Q

Maximum 401K Contribution holding period

A

15th BUSINESS day following the month the deferral occured

29
Q

Taxation of military personnel on temporary assignments

A

subject to all payroll taxes

30
Q

Taxation of military personnel on active duty or indefinite assignments

A

Subject to FIT only

31
Q

4 Communication Styles

A

Assertive, Expressive, Introspective, and Supportive

32
Q

Allocated Tips are in Box

A

Box 8

33
Q

Nonqualified Plan distributions are in Box

A

Box 11

34
Q

Employer’s payment date with a FUTA tax liability of less than $500

A

Can carry over the balance to the next quarter

35
Q

How to calculate company’s equity?

A

Assets - Liabilities

36
Q

Railroad employees are subject to report what kind of tax?

A

Federal income Tax. They are under a separate FICA and FUTA tax system.

37
Q

Incentive Stock Option Taxation

A

if stock is sold before holding period ends, difference between exercised price and option price is reported under gross federal wages

38
Q

Nonqualified Stock Option taxation

A

income is report at time of exercise in box 1, 3, and 5.

39
Q

Accounting Flow

A

Transaction > Journal > Ledger > Financial Statement

40
Q

What is Working Capital?

A

Work Capital = Current Assets - Current Liabilities

41
Q

W-2 Late Fees

A

By March 2, $60.00
By Aug 1, $120.00
After Aug 1, $330.00

42
Q

4 Components that must be kept in an Employee Master File?

A
  1. Employee Personal Data
  2. Employment Date
  3. Tax and Payroll Data
  4. Pay Period and Calendar Year data
43
Q

Four Steps to take after a data breach

A
  1. Contain
  2. Assess
  3. Notify
  4. Review
44
Q

Employment Tax Late Deposit penalties

A

2% of late amount if corrected within 5 days.
If 98% of deposit was made timely, it falls under the Sage Habor Shortfall Rule

45
Q

IRS penalty for understatement of tax deposits. Fraud vs. Mistake

A
  1. Mistake 20% of underpayment
  2. Fraud 75% of underpayment
46
Q

FSA Carry Over Provisions (2)

A

$610 of unused funds can be carried over to the next benefit year. OR a 2.5 month Grace Period can be provided to use remaining funds.

47
Q

Name, Address, Occupation, Wages and Hours worked are kept for _ years under the _?

A

3 years under FSLA

48
Q

Under the concentration test, a cafeteria plan is not discriminatory if benefits provided to key employees do not exceed

A

25%

49
Q

A cafeteria plan can be funded by:

A
  1. Flex dollars or credits
  2. After tax employee contributions
  3. Salary Reduction
50
Q

Principle Centered Leadership is

A

Treat people the way you want to be treated.

51
Q

Statutory Employee Taxation

A

Exempt from FIT, FICA, and FUTA

52
Q

Assertive Communication Style

A

Prefer facts and detailed advance planning.

53
Q

Introspective Communication Style

A

Prefer points to be arranged in logical sequences and show interest in cost/benefit analysis.

54
Q

Planning and Organization management skills include:

A
  1. Defining goals/objectives/time frame
  2. Analyzing available resources
  3. Evaluating Costs
55
Q

Staffing management skills include:

A
  1. training
  2. delegating
  3. hiring
56
Q

Controlling management skills include:

A
  1. controlling performance by using motivations
57
Q

5 Employee Motivation types

A
  1. money
  2. acheievement
  3. leadership
  4. affiliation
  5. recognition
58
Q

Supporting Management Style

A

low task/high relationship
little control from manager with a great deal of trust and support

59
Q

Coaching Management Style

A

high task/high relationship
manager controls the job and procedures. Relies on personal communication with employees.

60
Q

Delegating Management Style

A

low task/low relationship
most jobs are delegated to staff with little personal contact with manager.

61
Q

Directing Management Style

A

high task/low relationship
manager seeks to control staff and direct performance but gives little feedback or guidance.

62
Q

Project Management Steps

A
  1. Intiation
  2. Planning and Design
  3. Executing
  4. Monitoring and Controlling
  5. Closing
63
Q

Length of Service Award Exempt Amount

A

Up to $400.00

64
Q

Five Payroll Professional Interpersonal Skills

A
  1. Motivational
  2. Leadership
  3. Team Building
  4. Problem Solving
  5. Cultural Awareness
65
Q

Formula to calculate net income

A

total revenue - costs - depreciation

66
Q

Kotter characterized leadership as:

A

Direction, Alignment, Motivation, and Change.

67
Q

Both Federal and State governments have laws for (3):

A
  1. minimum wage
  2. overtime
  3. exempt status
68
Q

To avoid inclusion of income from non-qualified plan distributions, participants can defer:

A
  1. After separation of service ( 6 months for key employees)
  2. If employee becomes disabled resulting in death or over 12 months.
  3. Death
  4. After the time specified before the deferral election was made
  5. Change in organization control
  6. When there is an unforeseen emergency
69
Q
A

CPP (8 decks)

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