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20 Cards in this Set
- Front
- Back
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What is the maximum exclusion for Qualified Adoption Expense for 2019? |
$14,080 |
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Under the “fixed-date” method for substantiating business travel expenses, an advance can be provided no more than how many days before an expense is incurred? |
30 days |
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The IRS approved rate for employer-provided fuel for 2019 is? |
$5.5 cents per mile |
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What form may employees receiving $20 or more in tips per month use to report the tips to their employer? |
Form 4070 |
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What financial statement presents the financial position of a business entity by summarizing assets, liabilities and owners equity? |
Balance Sheet |
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From which taxes are cafeteria plans contributions generally exempt from? |
FIT, Social Security, Medicare & FUTA only |
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What is the maximum amount that can be excluded from gross income under the foreign earned Income Exclusion for 2019? |
$105,900 |
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In 2019, what is the maximum amount of contributions that can be made by an employee and an employer to the employees account in a defined contribution plan? |
$56,000 |
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What does the totalization agreement allow and employee to do? |
Pay social security tax in only one country |
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What is the monthly maximum amount of employer-provided parking that is excluded from income as a qualified transportation fringe benefit? |
$265.00 |
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What is the purpose of an accrual? |
To assign revenue and expenses to the pay period in which they are earned or incurred. |
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On what form is federal unemployment tax reported? |
Form 940 |
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Under the Walsh-Healy Public Contracts Act, how long must a separate log of occupational injuries and illnesses be kept? |
5 years |
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Which form would be used to report wages for agricultural employees? |
Form 943 |
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At what age is an employee no longer subject to a 10% excise tax when the employee receives a distribution from his or her qualified retirement plan? |
59 1/2 |
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Foreign Income Exclusion Maximum |
$105,900 |
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401k is taxable for which taxes? |
Social security, Medicare and FUTA |
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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 |
