Limits

Question 1

401k Catch-Up Contribution

Answer 1

$5,500

Question 2

401k Maximum Contribution

Answer 2

$17,500

Question 3

Adoption Assistance

Answer 3

$13,190

Question 4

Commuting Valuation

Answer 4

$1.50 ($3.00 round trip)

Question 5

Computer Professional Wage

Answer 5

$27.63

Question 6

Dependent Care Limit

Answer 6

$5,000 ($2,500 married filing sep)

Question 7

Educational Assistance

Answer 7

$5,250

Question 8

Foreign Earned Income Exclusion

Answer 8

$99,200

Question 9

Fuel (Employer provided)

Answer 9

$0.055 or 5.5 cents per mile

Question 10

Group Term Life Ins Limit

Answer 10

$50,000

Question 11

Medicare Rate

Answer 11

1.45% (0.9%>$200,000)

Question 12

Mileage Rate (cents per mile)

Answer 12

$0.56 or 56 cents

Question 13

Minimum Wage (Federal)

Answer 13

$7.25

Question 14

Moving Mileage

Answer 14

$0.23.5 or 23.5 cents

Question 15

Opportunity Wage (EE under 20, 1st 90 days)

Answer 15

$4.25

Question 16

Parking (Qualified)

Answer 16

$250

Question 17

Social Security Rate (Employee)

Answer 17

6.20%

Question 18

Social Security Wage Limit

Answer 18

$117,000

Question 19

Supplemental Withholding <$1M

Answer 19

25%

Question 20

Supplemental Withholding >$1M

Answer 20

39.60%

Question 21

Tip Allocation

Answer 21

8% of gross receipts

Question 22

Transportation/Vanpool

Answer 22

$130

Question 23

Federal Unemployment Tax (FUTA) Limit

Answer 23

$7,000 wages 6.0% (Credit of 5.4% timely)

Question 24

Medicare Wage Limit

Answer 24

$200,000, then take additional amount

Question 25

Sick Pay: What is withheld during the first 6 calendar months?

Answer 25

Social Security and Medicare taxes

Question 26

Unrestricted Stock wages are taxable for:

Answer 26

Federal Income, Social Security, Medicare, FUTA

Question 27

Workers Compensation Benefits: What is withheld from gross?

Answer 27

Nothing (no Med, SS, Fed, etc)

Question 28

How many days fall under the substantial presence test?

Answer 28

183 Days (1/3 & 1/6)

Question 29

How many days all under the physical presence test?

Answer 29

330 Days