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130 Cards in this Set
- Front
- Back
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Social Security Base Wage |
$132,900 |
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Social Security Tax Rate - EE |
6.2% |
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Social Security Tax Rate - ER |
6.2% |
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Social Security Maximum Tax Withholding - EE/ER |
$8,239.80 |
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Medicare Wage Base |
No Limit |
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Medicare Tax Rate |
1.45% |
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Additional Medicare Excess Wage Base |
Wages > $200,000 |
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Medicare Tax Rate on Excess Wages - EE Only |
0.90% |
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FUTA Wage Base |
$7,000 |
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FUTA Tax Rate |
6.00% |
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FUTA Tax Credit |
5.40% |
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FUTA Net Rate |
0.60% |
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Federal Minimum Wage |
$7.25 |
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Opportunity Wage (consecutive 90 days - under age 20) |
$4.25 |
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Minimum Wage for Tipped Employees |
$2.13 |
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Employer Tip Credit |
$5.12 |
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Definition of Tipped Employee - Those receiving what monthly minimum? |
$30 |
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What amount of cash tips per month, will require employer to report Form 4070? |
$20.00 |
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Tip allocation of gross receipts |
8.00% |
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Federal IRS Mileage Rate |
$0.58 |
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Company Car - Employer Provided Fuel Rate |
$0.055 |
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Charitable Mileage Rate |
$0.14 |
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Moving Expense Rate - Applies to Military Moves |
$0.20 |
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Bus, Token, Carpools Non-Taxable Amount |
$265 |
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Parking Non-taxable Amount |
$265 |
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Minimum Weekly Salary for Administration & Executives |
$455 per week |
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Minimum Weekly Salary for Professionals |
$455 per week |
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Hourly Minimum for Computer Professionals |
$27.63 per hour |
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Minimum Salary for Outside Salesperson |
None |
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What is the Federal Supplemental Tax Rate? |
22.00% |
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What is the Supplemental Tax Rate for Wages > $1,000,000? |
37.00% |
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What is the BackUp Withholding Tax Rate? |
24.00% |
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What is the Excess Tax Rate on Excess Golden Parachute payments? |
20.00% |
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What is the Excess Tax Rate on Early Retirement Plan Distributions? |
10.00% |
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What do you withhold for Child Support - supporting another spouse/children? |
50.00% |
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What do you withhold for Child Support - supporting another spouse/children? |
50% |
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What do you withhold for Child Support - supporting another spouse/children with arrears? |
55% |
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What do you withhold for Child Support - NOT supporting another spouse/children? |
60% |
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What do you withhold for Child Support - NOT supporting another spouse/children but with arrears? |
65% |
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What to withhold for a Creditor Garnishment? |
Lesser 25% or 30 x min wage |
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What do you withhold for Federal Student Loan? |
15% |
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Foreign Income Exclusion Maximum |
$105,900 |
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Base Housing Amount (16% of Foreign Income Exclusion of $105,900) |
$16,944 |
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Housing Cost Exclusion Limitation (30% of Foreign Income Exclusion Max) |
$31,770 |
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Maximum Foreign Housing Cost Exclusion |
$14,826 |
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Visa for Employees of Foreign Governments |
Visa A Exempt from FICA & FUTA |
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Transient Aliens Visa |
Visa C |
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Visa for Foreign Correspondent |
Visa I |
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Visa for Entertainers and athletes |
Visa P |
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Visa for Treaty Traders and Investors |
Visa E |
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Visa for Intra-company transferees
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Visa L |
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Visa for Business Visitors |
Visa B-1 ‘ |
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What box on the W2 does GTL go on? |
Boxes 1,3 and 5 Box 12 with code C |
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Max an employee can contribute for 401k? |
$19,000 |
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Additional 401k catch-up contribution amount is? |
$6,000 |
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403 (b) code is for whom? |
Schools/Tax exempt organizations |
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408 (k) code is for whom? |
Simplified Employee Pensions (SEP) |
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457 (B) code is for whom? |
State & Local Government |
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SIMPLE plan limit is? (Savings Incentive Match Plan for Employee Small Employers) |
$13,000 |
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SIMPLE plan catch-up amount? (Savings Incentive Match Plan for Employee Small Employers) |
$3,000 |
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Annual IRA Contribution |
$6,000 |
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Age retirement plan distribution is not subject to 10% excise tax |
59 1/2 |
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Annual benefit limit for defined benefit plans |
$225,000 |
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Annual compensation limit |
$280,000 |
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Annual additions to defined contribution plan limit |
$56,000 |
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Annual compensation minimum for 408(k) SEP plan eligibility |
$600 |
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Highly compensation employee definition |
$125,000 |
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Adoption Assistance Exclusion Amount |
$14,080 |
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FSA Dependent Care Limit |
$5,000 |
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FSA Health Care Limit |
$2,700 |
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Up to what amount is Education reimbursement not taxable? |
$5,250 |
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Group Term Life Insurance (GTL) - exempt amount |
$50,000 |
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Student Visa |
Visa F |
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Exchange Visitors Visa |
Visa J |
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Visa for Aliens Working in Religious Occupations |
Visa R |
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Visa for Crew Members of Ships & Aircrafts |
Visa D |
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Visa for Fiancé of US Citizen |
Visa K |
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Non-Academic Student Visa |
Visa M |
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Non-Academic Student Visa |
Visa M |
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Dependent Group Term Life Insurance - Exempt Amt |
$2,000 |
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FMV Maximum for use of the cents per mile method |
$50,000 |
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FMV Maximum for use of the cents per mile method |
$50,000 |
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Annual Lease Valuation Method |
Annual Lease Value (IRS table) x % of personal miles driven Personal % use = Total miles driven / personal miles ER provided fuel = personal miles x $0.55 |
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FMV Maximum for use of the cents per mile method |
$50,000 |
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Annual Lease Valuation Method |
Annual Lease Value (IRS table) x % of personal miles driven Personal % use = Total miles driven / personal miles ER provided fuel = personal miles x $0.55 |
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Vehicle cents per mile method |
Personal miles x standard miles Rate (2019- $.58) |
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What is the look back period for 2019? |
July 1, 2017 to June 30, 2018 |
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Monthly Depositor Rules |
< $50,000 liability during look back period Due date: by the 15th of following month |
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Semi-weekly Depositor Rules |
> $50,000 liability during look back period Due date: Wages paid Wed, Thurs, Fri = taxes due following Wed. Wages paid Sat, Sun, Mon, Tues = taxes due by following Friday |
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Daily (next day) Depositor Rules |
If liability is > $100,000 |
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Balance Sheet Equation |
Asset = Liability + Equity or Asset - Liability = Equity |
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Income Statement Equation |
Revenue - Expenses = Net Income |
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Asset (debit or credit) |
Debit |
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Liability (debit or credit) |
Credit |
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Income Statement (debit or credit) |
Debit |
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Contributed Capital (debit or credit) |
Credit |
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Expense (debit or credit) |
Debit |
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Equity (debit or credit) |
Credit |
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Revenue (debit or credit) |
Credit |
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What Leadership is: Complete control; one way communication |
Autocratic Leadership |
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What Leadership is: By the book; hides behind Rules and regulations |
Bureaucratic Leadership |
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What Leadership is: Good interpersonal skills; sells on ideas, concepts, and rules |
Diplomatic Leadership |
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What Leadership is: Gets input from staff, staff active part of decision |
Participative Leadership |
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What Leadership is: Give free rein to employees to get job done |
Open Ended Leadership |
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What Leadership is: adjusts management style to tasks and relationships of individuals |
Situational Leadership |
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What are the four types of payroll managements? |
Supporting - Low / High Coaching - High / High Delegating - Low / Low Directing - High / Low |
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FLSA retention period |
3 years |
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FLSA retention period |
3 years |
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IRS retention period |
4 years |
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ADEA retention period |
3 years |
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IRCA (I-9) retention period |
3 years from date of hire or 1 year after termination whichever is later |
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FMLA retention period |
3 years |
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Allocated Tips retention period |
4 years after filing 4th quarter for the year |
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Walsh Healey Public Contracts Act retention period |
5 years |
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Employment Eligibility Verification Form |
I-9 form |
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Application for Employer Identification Number Form |
SS-4 |
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Application for Social Security Card Form |
SS-5 Form |
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Application for Social Security Card Form |
SS-5 |
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Determination of Work Status for Purposes of Federal Employment taxes |
SS-8 |
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Request for Federal Income Tax Withholding from Sick Pay |
W-4S |
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Withholding Certificate for Pension or Annuity Payments |
W-4P |
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Transmittal of Wage and Tax Statements |
W-3 |
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Wage and Tax Statement |
W-2 |
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Corrected Wage and Tax Statement |
W-2C |
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Employees Withholding Allowance Certificate |
W-4 |
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Transmittal of Corrected Wage and Tax Statements |
W-3C |
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Application for IRS Individual Taxpayer Identification Number |
W-7 |
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Request for Taxpayer Identification Number and Certification |
W-9 |
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Notice of Levy on wages, salary, and other income |
668-W |
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Release of Levy/Release of Property from Levy |
668-D |
