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42 Cards in this Set
- Front
- Back
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When (if ever) may a member start an allotment to an individual address?
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You can if you get a waiver from the unit commander or if the overseas military banking program does not provide service to an overseas country.
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The member signs a statement of understanding for which allotments?
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Discretionary
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List two types of nondiscretionary allotments.
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US Savings Bonds & Repayment of Loans to the Air Force Aid Society and American Red Cross.
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What is the purchase price of a savings bond?
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one half of the denomination of the bond.
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Savings bond allotments can be held at DFAS-IN for which purpose?
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For safekeeping.
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Type C allotments may be processed up to how many months prior to the start date?
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4 Months Before
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What is the purpose of a type T allotment for active duty personnel?
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Voluntary liquidation of debts due to the US Govt Service Relief, Red Cross, Student Loans, & the Air Force Aid Society.
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Identify three allotments that are made for definite periods.
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Red Cross, CFC Charity drive, delinquent federal income taxes.
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The total of an active duty member’s allotments cannot exceed what?
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Their allotable income
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How can you find a person’s allottable income?
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On the MMPA using Format Identifier P7.
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Which allotment transactions use the current or next month for effective dates?
Hint: The Codes |
Starts, Changes, increases and decreases.
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What types of allotment transitions are effective at the end of the month?
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Stops
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Which act authorized the Thrift Savings Plan?
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National Defense Authorization Act for FY 2000
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who maintains the accounts of TSP participants?
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National Finance Center ( NFC ) in New Orleans, Louisiana
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What are the five TSP investment funds in which members may invest contributions?
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•Fixed Income
•Fixed Income Index •Common Stack •International Stock •Small Capitalization Stock Index |
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What entitlements are subject to federal income tax withholding?
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•Basic Pay
•Incentive pay •Special pay •Leave sell •Any type of bonus |
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What three items affect the amount of federal tax withheld from a member’s pay?
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Marital status, # of exemptions, and additional withholding.
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How long does TD Form W–4 remain in effect?
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Until you change the info / Until required by law
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What requirements must be met for a member to claim exemption from FITW?
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The member had no tax liability for the preceding year and expects none for the current year.
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What is the rate of withholding for a one-time entitlement such as an SRB or ASP?
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28 Percent of the amount of the entitlement.
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What entitlements are subject to FICA deduction?
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Anything with the word pay in it
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Explain the method of computing FICA deduction.
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Social Security is 6.2 percent of base pay. Medicare is 1.45 percent of the base pay. Simply multiply these percentages by the member's basic pay.
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What happens when the maximum FICA deduction has been withheld?
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FICA deductions will stop
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What effect does a fine have on FICA deduction?
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Its subjects to taxes
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What effect does forfeiture of pay have on FICA deduction?
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It is not subject to taxes
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Describe the information contained on the TD Form W-2, Wage and Tax Statement.
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It has the taxable wages and withholdings for the entire year / period of active duty.
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What entitlements are subject to SITW?
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Same as FITW
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The member’s SITW is computed based on what factors?
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Marital status, number of exemptions, and the state of legal residence.
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What documentation is used for SITW?
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DD Form 2058, DD Form 2058-1, TD Form W-4
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What should you do when a PCS member claiming New York as state of legal residence and
exemption from SITW arrives at a PDS outside of New York? |
Have the member recertify exemption from SITW on DD Form 2058-1.
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How often are members required to recertify exemption from SITW?
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Annually
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What are your responsibilities when a member claims residency in Guam?
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Verify the information input in the MG and MH entries of members claiming residency in Guam to ensure these members are being correctly reported.
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When serving in a designated combat zone, how does the CZTE differ between officers and enlisted?
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Officers are limited to the highest paid enlisted member.
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How do members in a QHDA qualify for tax exclusion?
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Are has to be entitled to HFP/IDP
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What documentation should the member present to you to prove that he or she performs duty in an area qualified for tax exclusion?
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•Member’s order
•Travel voucher with a commander’s certification that the unit. •Documentation supporting assignment to a unit. |
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What format identifier is used to process transactions for members entitled to HFP/IDP?
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FID 23 ( DoDFMR, Vol. 7A )
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How is a debt for overpayment of pay and allowances created?
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By an action concerning your customers /
A computer generated debt |
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When you discover an overpayment, what should you do immediately?
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Notify the member immediately.
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For what reason does an XY management notice generate?
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When a backdated transaction processes on the member’s record.
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Who inputs the DR01 for excess cost of HHG debts?
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Joint Personal Property Shipping ( JPPSO-SAT/ECAF )
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After the member is notified of an HHG debt, when should the member submit a rebuttal, remission, or make a cash payment?
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Before 30 days
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Explain a cost charge TR.
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A debt created when a member is away from the PDS and has no money to get back to work.
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