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13 Cards in this Set
- Front
- Back
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US citizen woking in foreign country
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yes FIT, unless exluded; maybe exempt if ER required by foreign country
Yes FICA, FUTA |
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Exemption fm FIT
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Foreign earned income or housing cost exlusion
Wages subject to foreign income tax Withholding wages for US possetions, other than Puert Rico (80%) wages in Puerto Rico (100%) extra WH allowance for FT credit |
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SSN & Medicare
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For US ER, yes FICA
For foreign ER, No FICA |
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Totalization Agreement
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To alleviate the burdenof double SSN & to integrate coverage of EE. Between US govn, up to 5 years. Yes FICA
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Tax withholding for Supplimental wage $1.5 mil
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1,000,000*.25=250,000
500,000*.35=175,000 Total: 425,000 |
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To record Advance to ee
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DR. AR CR. Cash
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To record Advance deducted from wage
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DR salary expense, CR AR
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Advance paid by check
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DR. cash, CR AR
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FITW for distribution of qualified plan
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20% tax, 80% distribution
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Pretax 401k contribution reported in W-2
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Boxes 3/5
Box 12 Box 13 |
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Permently disabled payment
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Yes, FIT, NO FICA
TDI: Yes, FIT, no FICA after 6 month |
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Effective min hrly rate for Tipped ee is
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100% of Fed Min Wage
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sick pay is not subject to FIT when
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paid by Third-party provider
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