Percentages Flashcards
- The % of discretionary income used in pay as you go student loan repayment plan
10
- The penalty for private foundations if they don’t distribute ____ % of the FMV of it’s assets
15
If key employees participate in 401K, non key participants must receive at least this much in a match
3
- Monthly tax penalty for failing to pay
0.5
- AGI deduction for charitable CASH donation to public (Covid- 2021)
100
1111
11111
- The % of discretionary income used in income contingent student loan repayment plan
20
- Max amount of someone’s pay that an employer can contribute to a SEP
25
- Depreciation recapture for 1250 property (for highest tax bracket)
25
FICA Tax- Use this on ALL income even over threshold
1.45
- Tax penalty for each month (up to 25%) of failing to file taxes
5
- No penalty on IRA withdrawals to pay for medical expenses over this amount
7.5
- The “accumulated earnings tax” that PSCs with earnings over $150,000 are subject to
20
- Amount of medical expenses deductible in a partnership
100
- Amount of AGI deduction on LTCG property to a public charity
30
- If the employer chooses to use the non-elective deferral method, the employer must contribute ____ % of all eligible employees’ compensation regardless of whether the employee is deferring or not. (safe harbor)
3
- The penalty on a 72T that applies when someone makes changes to the distribution schedule before they reach 59.5. (ex- someone takes at 58, and changes at 61. penalty applies to all pmts received before 70.5 retroactively)
10
Acceptable amount of total monthly debt
36 of gross income
- Max employer tax deduction of of eligible payroll of covered employees (Profit sharing)
25
Acceptable amount of consumer debt
20% of net income or less
- The absolute minimum an employer of a SIMPLE IRA (NOT SIMPLE 401K) plan needs to contribute to be ok. They can do 1 or 2% for 2 out of the last 5 years (rest need to be 3%)
1
- Normal curve: amount of time return will be within 1 standard deviation
68
- Max amount (premiums as a % of the plan benefit) that ordinary/whole life insurance policy premiums can be in a retirement plan to be considered “incidental”
50
- ERISA plans may not hold employer securities if the total FMV of such assets exceeds ____% of the plan’s portfolio at the time
10
- CRT minimum (CRAT + CRUT) % to be paid the the donor (NOT FOR CLUT, CLAT, Charitable gift annuity, or pooled income fund)
5
The % of dividend income that a corporation getting from a company that the same company owns more than 20% of the company
65
- (Keogh) Self-Employment Tax must be computed and a deduction of one-half of the Self-Employment Tax must be taken before determining the Keogh deduction. Shortcut:
If contribution ___%: multiply by ____% of net earnings
25, 18.59
- Trust tax rate up to $2,600 of income
10%
- For section 303 stock redemption (estate liquidity strategy) the value of the stock must be over __% of the decedent’s gross estate
35
- For S Corp tax free disability to >____ owners
2%
- Flat tax for C Corps
21
Amount to DEDUCT for self employment tax
1/2 of 14.13
- If an employer has more than 20 employees working over ____% of the days during a calendar year, then they need cobra.
50
- qualified plan is top heavy if ___% or more of the account balance is allocated to key employees
60
- Amount of medical, dental, and LTC insurance deductible for 2% owner of an S Corp
100
- For DC Plans - the permitted disparity is the lesser of base % or ___ %
5.7
- The statutory contribution (for a safe harbor plan) using a match is $1/$1 on the first ___ employee deferral and $0.50/$1 on the next ____% employee deferral.
3, 2
- Tax penalty for fraud
75
- Penalty on early withdrawals from a SIMPLE during first 2 years of participation
25
____ % of adjusted gross estate that (NEED DETAILS)- 6166
35
Normal curve: amount of time return will be within 2 standard deviations
95
- Per the stop loss provision- the amount an insurance company will cover in remaining expenses after the deductible is reached
100
- Max amount (premiums as a % of the plan benefit) that term/universal life insurance policy premiums can be in a retirement plan to be considered “incidental”
25
- Net operating loss can be carried forward indefinitely (up to ___% of income)
80
Lifetime learning credit
20% up to 10,000 (max of $2000 / family per year)
- When someone gets a direct (payable to the person) dist. from a qualified plan, the plan must withhold ___% which is paid to the IRS.
20
- Amount of deductible medical insurance paid by self employed
100
- ____% is the amount an employer for a SIMPLE plan must contribute, but it can go down to 1% for 2 out of the last 5 years
3
- Tax penalty for negligence
20
- ___% of gross estate run for 2032A valuation to apply
50
- Amount of time equipment must be used for business to qualify for 179 deduction
50
- QBI tax deduction for single member LLC if taxable income is less than $164,900
20
___% of the gross estate must consist of real property for 2032A valuation
25
- % of ending value (as a % of the value at inception) that must be in a CRAT or CRUT
10
- Amount of social security that’s taxable if MAGI is over $44,000 (for MFJ)
85
- For private foundations: ____ % excise tax on net investment income (not for “supporting organizations” though –> adv. for these)
2
- More than ___ % owner can’t wait to take the 401k RMD even if they are still working
5
- Amount of medical, dental, and LTC insurance deductible by business owner of a sole prop/partnership owner
100
- The % of discretionary income used in income based repayment plan calculation
15
- If property is rented over ___ % of possible rental days during a year, it becomes mixed use property (rental income becomes taxable)
10
American opportunity credit
100% up to the first 2k of expenses, then 25% of the next 2000 of expenses
Normal curve: amount of time return will be within 3 standard deviations
99
- % of stock bonus that can be company stock
100
- Total max charitable deduction (as % of AGI)
50
- IRS treats greater than ___ owners rather than employees for fringe benefit premiums
2
- Flat tax for personal service corporation (HALEs)
21
Calculation to figure out how much to pay in taxes to avoid Tax Underpayment Penalty- ___ % of the prior year’s tax liability (or ____ of last year if AGI is over $150,000)
100, 110
Take the maintenance margin rate (ex. ___%) and multiply that the current value of the stock. The ____% is what’s required to be held.
30
Use this to calculate FICA wages (NOT self-employed) on wages up to $142,800
6.2
- income tax deduction for a private foundation estate gift (?)
30
- % of AGI that can be deducted for cash donations to DAF in 2021
60
- (Keogh) Self-Employment Tax must be computed and a deduction of one-half of the Self-Employment Tax must be taken before determining the Keogh deduction. Shortcut: If contribution ___%: multiply by ___% of net earnings
15, 12.12
- Over ___% owner is a HCE even if making under $130,000
5
- Amount ERISA plan can invest assets in company’s stock IF PLAN ALLOWS it (ESOP stock bonus plan)
100
Flat contribution amount that must be funded annually to a DC money purchase plan
flat % up to 25%
- Under an ESPP (employee stock purchase plan) the employer is allowed to discount the price of stock up to ___% of the fair market value
15
-Amount of employer contributions that are immediately vested in simple, simple 401K, SEP and sarsep plans (also employee conts. obviously)
100
Acceptable amount of PITI
28% of gross income or less
- The % of dividend income that a corporation getting from a company that the same company owns less than 20% of the company
50
Calculation to figure out how much to pay in taxes to avoid Tax Underpayment Penalty- ___% of current year tax liability
90
Minimum contributions for a non key employee in a top heavy DB plan
2%
More than $100,000 of ISOs may be granted to an employee at a time as long as no more
than $100,000 of ISOs (based on the FMV of the underlying stock as of the grant date) vest in a
given year. As long as they exercise price is at least ____% of the FMV of the
stock at grant date and the options vest within __ years, a greater-than-___% shareholder may be
granted ISOs.
110%
5 years
10%
