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Payroll CPP Prep 2021 > Taxation > Flashcards

Taxation Flashcards

1
Q

3 tests to determine if an employer is subject to FUTA

A
  • General Test
  • Household employee test
  • Farmworkers test
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2
Q

457b pre-retirement catch-up contribution limit

A

Allowed for last 3 years prior to the year of normal retirement age. limited to lesser of twice the current annual limit or the basic annual limit plus underutilized basic annual limit in prior years. Only allowed if not utilizing the Age 50 or over catch up

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3
Q

2021 annual contribution limit for 401k

A
  • Employee elective deferrals plus employer contributions is the lesser of $58,000 or 100% of the employee’s total annual
  • Catch up contribution of employees 50+ does not count towards the annual contribution limit
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4
Q

2021 Backup withholding rate

A

24%

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5
Q

2021 deferral limit for 401k

A

$19,500 Employees 50+ can contribute an additional $6,500

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6
Q

2021 deferral limit for 457b

A

$19,500 Employees 50+ can contribute an additional $6,500 catch up contribution

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7
Q

2021 definition of an HDHP

A

Minimum deductible of $1400 for individuals or $2800 for family coverage. Out-of-pocket expenses limited to $7000 for individual coverage and $14000 for family coverage

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8
Q

2021 full FUTA tax rate

A

6% on the first $7000 of wages each calendar year

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9
Q

2021 HSA contribution limits

A

$3600 for individual coverage $7200 for family coverage Employees 55+ can contribute an additional $1K. No Contribution allowed for Medicare part A or B enrollees

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10
Q

2021 Legal Holidays

A

Jan 1 New Year’s Day - Jan 17 MLK Jr. bday - Jan 20 Inauguration Date - Feb 15 Presidents Day - Apr 16 DC Emancipation Day - May 31 Memorial Day - 4th of July observed July 5th - Sept 6 Labor Day - Oct 11 Columbus Day - Nov 11 Veterans’ Day - Nov 25 Thanksgiving - Dec 24 Christmas

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11
Q

2021 limit on 403b elective deferrals

A

$19,500

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12
Q

2021 limit on annual additions for a 403b

A

$58,000 or 100% of includible compensation for the most recent year of service

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13
Q

2021 lookback period for Form 944 and 945 filers

A

Calendar year 2019

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14
Q

2021 maximum contribution limit for a dependent care FSA

A

$5000

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15
Q

2021 Medicare tax rate and wage base limit

A

1.45% no wage limit 0.9% Additional Medicare tax withholding on wages > $200K

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16
Q

2021 net FUTA rate after applying the full credit reduction

A

.60% = 6 % - 5.4%

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17
Q

2021 penalty rates for late tax deposits

A
  • 2% 1-5 days late
  • 5% 6-15 days late
  • 10% 16+ days late, or paid within 10 days of the date of the first notice from the IRS.
  • 15% more than 10 days after the date of the first IRS notice or the day on which you received notice and demand for immediate payments, whichever is earlier
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18
Q

2021 SEP employer contribution limit

A

Lesser of $58,000 or 25% of the employee annual compensation

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19
Q

2021 SIMPLE employee elective contribution limit

A

$13,500 Age 50 catch-up limit $3,000

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20
Q

2021 social security tax rate and wage base limit

A

Employee 6.2% on wages up to $142,800

Employer 6.2% on wages up to $142,800

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21
Q

Act that allows federal government agencies to garnish wages for nontax debt

A

Debt Collection Improvement Act of 1996

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22
Q

Act that established railroad worker retirement benefits

A

Railroad Retirement Tax Act (RRTA)

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23
Q

Basics of the aggregate withholding method

A
  • Add the supplemental wages to the current wages if no regular wages are paid concurrently add the supplemental wages to the most recent regular wage payment
  • figure the tax on the total as if it were a single payment
  • subtract the amount of tax already withheld from the total tax
  • Withhold the result from the supplemental
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24
Q

Best method for verifying you grossed-up wages correctly

A

Using the Grossed-Up amount, calculate the required withholdings and net pay

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25
Q

Can an employer have a combined defined contribution and defined benefit plan

A

Yes, for plan years beginning after 12/31/09

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26
Q

Can a successor employer take into account amounts collected for social security and paid for FUTA in the same calendar year but prior to the acquisition

A

Yes as long as the acquired employees were employed by the predecessor immediately prior to the acquisition and remained employed by the successor immediately following the acquisition.

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27
Q

CCPA

A

Consumer Credit Protection Act

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28
Q

Deadline to recover taxes from an employee that you deposited on the employee’s behalf

A

April 1 of the following year

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29
Q

define a common paymaster

A

2 or more related corporations employ the same individual at the same time. Pay the employee through one of the corporations. Corporation making the payments is the common paymaster and single employer with regard to payroll taxes.

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30
Q

Define a nonqualified deferred compensation plan.

A

Plan that may discriminate in favor of highly compensated employees officers or shareholders

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31
Q

Define a qualifying dependent under a dependent care FSA

A

Dependent child under 13, Spouse or dependent older than 13 who is unable to care for themselves due to mental or physical disability

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32
Q

Define a substantial risk of forfeiture

A
  • Employer gives employee “mere promise to pay” the deferred compensation benefits in the future
  • Employer may invest deferred amounts and may transfer amounts to a trust but fund must remain part of the companies general assets and be at risk to creditor claims in the event the company becomes insolvent
  • Critical that the funds cannot be set aside for the exclusive benefit of the employees who made the deferrals
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33
Q

Define a Successor Employer

A

Received all or most of the property used in the trade or business of another employer, or a unit of that employer’s trade or business

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34
Q

Define disposable earnings for a child support order

A

Gross pay - Mandatory deductions = disposable earnings

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35
Q

Define disposable earnings for a garnishment order

A

Gross pay - taxes - court ordered child support - tax levies = disposable earnings

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36
Q

Define supplemental wages

A

any wages paid in addition to an employee’s regular wages

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37
Q

Definition of a deferred compensation Defined Benefit Plan

A
  • Any qualified plans that are not defined contribution plans
  • Contributions are based on the amount needed to provide participants with “definitely determinable benefits”
  • uses actuarial assumptions and computations to figure benefits
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38
Q

Definition of a deferred compensation Defined Contribution Plan.

A
  • Has individual accounts for each participant

- Participant benefits based largely on the amount the individual contributes to the plan

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39
Q

Deposit deadline for monthly depositors

A

15th of the following month

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40
Q

Deposit deadline for semi-weekly depositors

A

3 business days. If there are no holidays, Weds-Friday liability is due by the following Weds and Sat-Tues liability is due by the following Friday.

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41
Q

Difference between RRA and RRTA

A

Railroad Retirement Tax Act (RRTA) is the act to fund railroad worker retirement benefits
- Railroad Retirement Act (RRA) is the benefit system that pays out retirement payments

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42
Q

Do adjustments on Form 941X affect the tax liability in the lookback period

A

No

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43
Q

EFTPS

A

Electronic Federal Tax Payment System

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44
Q

Employers options for treatment of forfeited FSA contributions

A
  • Use to offset plan expenses
  • Allocate to all participants in the next plan year
  • Distribute to participants in the current plan year.
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45
Q

Federal withholding requirements for allocated tips

A

Do not withhold on allocated tips

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46
Q

Filing status to use for figuring amount exempt from levy for employee who does not return Part 3 of Form 668-W

A

Married, filing separately, 0 exemptions

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47
Q

FIT taxability of nonqualified deferred compensation plans

A

Funded plan is subject to FIT when deferred Nonfunded plan is subject to FIT upon constructive receipt

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48
Q

Flat supplemental tax rate

A

22% 37% if year-to date supplemental wages, including the current payment exceed $1,000,000

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49
Q

Formula for computing days physically present in the U.S to meet the resident alien Substantial Presence test

A

100% of the days present in the U.S. during the current year plus 1/3 of the days present in the previous year plus 1/6 of the days present in the second year before the current year

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50
Q

Formula to gross-up pay

A
  • 100%-sum % of all taxes = net %

- Payment/Net % = Gross

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51
Q

Frequency FUTA tax must be paid

A

Quarterly if exceeds $500

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52
Q

The FUTA credit reduction

A

5.4%

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53
Q

Garnishment priorities

A

1: Child support
2: Federal Tax Levy
3: State tax levy
4: local tax levy
5: creditor garnishments
6: Employer deductions
7: Employee voluntary deductions

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54
Q

Government agency that pursues collection of student loans

A

U.S. Department of Education

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55
Q

How can an employer most easily satisfy the EITC notification requirement

A

by using Form W-2, the statement is on the back of Copy B

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56
Q

How do you calculate federal income tax withholding on nonperiodic pension payments

A

Flat 10%

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57
Q

How do you calculate federal income tax withholding on periodic pension payments

A

As you would for regular wages but using the employee’s elections from Form W-4P

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58
Q

How much time after the FSA plan year-end do participants have to submit expenses?

A

2.5 months

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59
Q

If a deposit date falls on a nonbusiness day when is the deposit due

A

By the next business day

60
Q

If an employee has not submitted a valid W-4 how should you withhold

A

As Single with Zero allowances

61
Q

If an employer elects to distribute forfeited FSA Contributions to employees in what 2 ways may they allocate the distrubtion

A

Equally to all participants. Based on a weighted average of participant contribution elections to total elections

62
Q

If an employer elects to distribute forfeited FSA contributions to participants is the distribution taxable?

A

yes

63
Q

If a semi-weekly deposit period crosses quarters what extra step does an employer need to make

A

Make separate deposits for each quarter’s tax liability

64
Q

If the taxpayer ID # is incorrect on Form W-4P how should you withhold

A

As single, with zero allowances

65
Q

If wages are earned in one year and paid in another, which year are the wages reported?

A

In the year paid

66
Q

If you hire an employee mid-year do you take into account amounts collected for social security by the previous emplyer

A

No, withhold the employee up to the full wage base limit

67
Q

Initial period minimum & maximum automatic 401K enrollment contribution rates

A
  • Minimum 3% of compensation

- Maximum 10% of compensation

68
Q

In what year were 401K Roth employee contributions first allowed

A

2006

69
Q

IRS section covering SEPs

A

408k

70
Q

Is federal income tax withholding required on pension payments

A

No, only withhold if an employee makes the election on form W-4p

71
Q

Key difference between Medical FSA and Dependent Care FSA with regards to expense reimbursement

A

Medical FSA employee can request reimbursement of actual expenses in excess of YTD Contributions up to their annual election. Dependent Care FSA employee cannot request reimbursement of expenses that exceed YTD Contributions

72
Q

Key points of employer 401k & 403b matching contirbutions

A

Employer matches the employee’s contributions, usually based on a formula. Subject to vesting requirements the employer establishes. Tax-exempt. Employer matching may be offered by a company but is not required

73
Q

Key points of the FUTA Farmworkers Test

A

Employer who pays cash wages of $20,000 or more to farmworkers during any calendar quarter in current or proceeding calendar year or employed 10 or more farmworkers during at least some part of a day (whether or not at the same time) during any 20 or more different weeks in the current or proceeding calendar year

74
Q

Key points of the FUTA General Test

A

Employer is subject to FUTA if pays wages of $1,500 or more in any calendar quarter in current or preceding calendar year or has one or more employees for at least some part of a day in any 20 or more different weeks in current or preceding calendar year. Include all full-time, part-time and temporary employees. Do not include the partners in a partnership. This test excludes wages to farmworkers or household workers.

75
Q

Key points of the FUTA Household Employees Test

A

Employer who pays total cash wages of $1,000 or more to household employees in any calendar quarter in current or preceding calendar year.

76
Q

List the different types of 401k & 403b deferrals

A
  • Employee pre-tax contributions
  • Employee post-tax contributions
  • Employer matching
  • Non-elective employer contributions
  • Employee Roth elective contributions
77
Q

List the types of employers exempt from FUTA

A
  • Recognized Indian tribal government or business owned wholly by the tribe who participate in the state unemployment system for the entire year and are in compliance with state unemployment law.
  • Not for profit tax-exempt religious, educational, scientific, charitable, and other organizations described in section 501(c)(3)
  • Federal government employers
  • State and local government employers, including their political subdivisions
78
Q

Maximum allowable garnishment withholding

A

25% of disposable earnings or the amount by which disposable earnings exceeds 30 times federal minimum wage.

79
Q

Maximum allowable withholding for a student loan garnishment

A

15% of disposable pay if no other garnishments are in place. 25% of disposable pay for combined total of all garnishments in place.

80
Q

Maximum contribution limit for a medical FSA

A

No IRS limit. Employer may set a limit.

81
Q

Maximum number of employees a company can have to be eligible to set up a SEP.

A

25

82
Q

Maximum withholding allowed for a child support order

A

50% of disposable pay if employee has a second family, 55% if in arrears. 60% if employee does not have a second family. 65% if in arrears

83
Q

Meaning of the acronym FICA

A

Federal Insurance Contributions Act

84
Q

Meaning of the acronym OASDI

A

Old Age, Survivors, Disability and Hospital Insurance

85
Q

Name the deposit schedules

A
  • Monthly and semi-weekly
  • Exception if you accumulate $100K or more of taxes on any day during a deposit period, you must deposit by the next business day
86
Q

Nonresident alien is subject which federal taxes

A
  • FIT, for work performed in U.S.
  • Social Security & Medicare for work performed in the U.S., unless exempted by a Totalization Agreement or by Visa
  • FUTA, for work performed in U.S.
87
Q

On what form do you report backup withholding

A

If deposited as part of your regular deposit report on Form 941. If made as a separate deposit report on Form 941 Schedule A

88
Q

The “ordering rule”

A

Order of withholding for employee who has tips when there are not enough funds to cover all withholding. 1: Withhold on regular wages and other compensation. 2: Withhold social security and Medicare taxes on tips. 3: Withhold income tax on tips.

89
Q

Other names for creditor garnishments

A

Wage Attachment, Income execution, Wage garnishment

90
Q

A payout for accrued vacation time paid in addition to regular wages is what type of earnings?

A

Supplemental pay

91
Q

QACA

A

Qualified Automatic Contribution Arrangements

92
Q

Release from levy form number

A

668-D

93
Q

Requirements to be considered a resident alien under the Green Card test.

A

If at any time during the calendar year is a lawful and permanent resident of the U.S. and status has not been rescinded or administratively or judicially determined to have been abandoned

94
Q

Requirements to be considered a resident alien under the Substantial Presence test

A

Physically present in the U.S. at least 31 days in the current year and 183 days during the 3 year period that includes the current and 2 immediately preceding years.

95
Q

Resident alien is subject to which Federal taxes?

A

FIT, Social security & Medicare, FUTA, On worldwide income, Paid by U.S. or foreign employers

96
Q

Retirement plan for employees of state, counties and cities called.

A

457b plan

97
Q

Retirement plan for tax-exempt organizations and public schools

A

403b Plan

98
Q

Social security, Medicare and FUTA taxability of nonqualified deferred compensation plans

A
  • nonfunded plan, deferrals reduce social security, Medicare & FUTA wages if employee has a substantial risk of forfeiture.
  • Funded plan, deferrals are fully taxable
99
Q

Taxability of distributions from an HSA

A

Tax-free if used for qualified medical expenses.

100
Q

Taxability of employee 401K & 403B pre-tax contributions

A
  • FIT exempt
  • Social security & Medicare taxable
  • FUTA taxable
101
Q

Taxability of employee contributions to an HSA

A
  • Contributions made through payroll deductions do not reduce taxable wages
  • Contributions made through a Sec 125 cafeteria plan reduce taxable wages for FIT, social security, Medicare and FUTA
102
Q

Taxability of employee elective deferrals to a SIMPLE

A

Exempt from FIT
Taxable for social security
Medicare
FUTA

103
Q

Taxability of employer contributions to a HSA

A

Exempt from FIT, social security, Medicare and FUTA

104
Q

Taxability of employer contributions to a SEP

A

tax exempt

105
Q

Taxability of employer nonelective or matching contributions to a SEP

A

Tax Exempt

106
Q

Taxability of FSA contributions

A

Exempt from FIT, social security, Medicare and FUTA

107
Q

Threshold that makes you a semi-weekly depositor

A

More than $50K of total taxes reported in the lookback period

108
Q

2 tests to determine if an employee is a resident alien

A

Green Card Test, Substantial Presence Test

109
Q

Type of expenses reimbursable under a dependent care FSA

A

Non-medical expenses to care for a dependent in order for the employee be employed

110
Q

Type of garnishment that can take priority over a child support order.

A

A federal tax levy that is in place before the child support order is established (based on the date of the order, not the date the employer is served)

111
Q

Types of FSAs

A

Medical FSA, Dependent Care FSA

112
Q

What are the shortfall makeup dates

A
  • Monthly depositor by the due date of return for the return period in which the shortfall occurred, even if the amount is $2500 or more.
  • Semiweekly depositor by the earlier of 1st Weds or Fri (whichever is first) on or after the 15th of the month following the shortfall or the due date of your return.
113
Q

What are the two common ways states allow employers to allocate disposable pay when an employee has multiple child support orders

A

Divide disposable pay by the number of orders to distribute it equally. Pro-rate disposable earnings across the orders by determining the percentage of the total each order represent

114
Q

What days in the U.S do not count towards resident alien Substantial Presence test?

A
  • spent commuting between the U.S. and Canada or the U.S. and Mexico
  • of travel layover between 2 countries when less than 24 hours is spent in the U.S.
  • Intended to leave but unable to leave the U.S. due to a medical condition
  • Spent in the U.S. under an F, J, M or Q visa while in compliance with the visa requirements
  • Present as a professional athlete to compete in a charitable sports event
  • Days spent in the U.S. in as a foreign diplomat
115
Q

What document do you use to calculate the amount of wages exempt from federal levy

A

IRS Publication 1494

116
Q

What does acronym SIMPLE mean

A

Savings Incentive Match Plan for Employees

117
Q

What does the acronym FSA mean

A

Flexible Spending Arrangement

118
Q

What does the acronym HDHP mean

A

High Deductible Health Plan

119
Q

What does the acronym HSA mean

A

Health Savings Account

120
Q

What does the acronym SEP mean

A

Simplified Employee Pension

121
Q

What happens to FSA contributions in excess of qualifying expenses

A

Forfeited to the employer

122
Q

What is a “B” notice

A

Backup withholding notice to a payee

123
Q

What is Form 941 Schedule D

A

Report of Discrepancies Caused by Acquisitions, statutory mergers, or consolidations

124
Q

What is Form 1099-SA

A

Distributions from an HSA, Archer MSA, or Medicare Advantage MSA

125
Q

What is Notice CP2100

A

Notice to a payer that he may be responsible for backup withholding

126
Q

What is the 403b 15 year rule

A

For employees with 15+ years or service, limit on elective deferrals is increased by the least of $3K or $15K minus the increases to the limit the employee was allowed in earlier years due to this rule and the aggregate amount of Roth contributions in prior years or $5K times the employee’s years of service minus the total elective deferrals made by the employer in prior years

127
Q

What is the lookback period

A

Period used to determine your deposit schedule. For a 941 filer it is the 4 quarters (Jul-Jun) beginning in the 2nd preceding calendar year i.e. for 2021 the lookback period is Jul 2019 - Jun 2020

128
Q

What part of the OASDI does Medicare fund

A

The hospital insurance portion

129
Q

What should a payer who receives a first CP2100/CP2100A send to the payee

A

A first “B” notice and a Form W-9 within 15 days of receipt of the CP2100/2100A

130
Q

When can an employee make FSA elections

A

At the beginning of the plan year, After a change in family status or employment

131
Q

When does a monthly depositor become a semi-weekly depositor for the rest of a calendar year?

A

If accumulates $100K of tax liability

132
Q

When do you have to deposit backup withholding

A

on the same schedule as your federal tax liability

133
Q

When is an employer ineligible from taking the full FUTA credit reduction?

A

If they have paid any portion of their SUI late, for wages in a state that is in arrears repaying unemployment loans to the federal government

134
Q

When is FUTA not payable

A
  • Household employer who pays less than $1K for all employees in quarter
  • Agricultural employer pays cash wages of less than $20k for farmworkers in quarter or employs less than 10 farmworkers during any 20 or more difference weeks during the year
  • on noncash payments
135
Q

When making pension or annuity payments, how should you withhold if no Form W-4P has been submitted

A

As Married 3 Allowances

136
Q

When should a payer send a payee a Second “B” notice

A

Upon receipt of a second CP2100/CP2100A within a 3 calendar year period. Send within 15 days of receipt of the CP2100/CP2100A

137
Q

When should you begin backup withholding on a payee

A

30 business days after you receive the first CP2100/CP2100A. Anytime within the first 30 days after receiving a second “B” notice

138
Q

When should you make backup withholding

A

On payments to independent contractors who have not provided a TIN or provided an incorrect TIN

139
Q

When should you stop backup withholding on a payee

A

Within 30 calendar days after you receive either Form W-9 from the payee or TIN validation from the SSA or the IRS

140
Q

Where do you report dependent care on Form W-2

A

Box 10

141
Q

Where do you report employee 401K contributions on Form W-2

A

Report employee pre-tax contributions in box 12 code D

142
Q

Where do you report employee 403b contributions on Form W-2

A

Report employee pre-tax contributions in box 12 code E

143
Q

Where do you report employee 457b contributions on Form W-2

A

Report elective deferrals, employer contributions and nonelective deferrals in box 12 code G

144
Q

Where do you report employer HSA contributions on Form W-2

A

Box 12 Code W

145
Q

Who is responsible for sending a “B” notice

A

a payer who receives a CP2100/CP2100A sends the B notice to the payee

146
Q

Who must employers notify regarding EITC

A

Employees who have no federal income tax withheld.

Payroll CPP Prep 2021 (11 decks)

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