Which is not part of de minimis benefits
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- Question 12: In general, when the number of withholding allowances increases for an employee who has completed a pre-2020 Form W-4, the federal income tax withholding Answer: A. decreases В. increases also C. is not affected D. decreases for some and increases for othersWhich of the following fringe benefits is taxable? a. use of on-premise athletic facility b. qualified employee discounts c. membership in a country club d. job-placement assistance e. reduced tuition for educationUnder Home Buyers' Plan, individuals are not permitted to deduct RRSP contributions that are made and immediately withdrawn within ____ days. Question 10 options: a) Calendar year end b) 90 days c) 120 days d) Month end
- FASB ASC 715–60: Compensation–Retirement Benefits–Defined Benefit Plans–Other Postretirement (previously Statement of Financial Accounting Standards No. 106) establishes accounting standards for postretirement benefits other than pensions, most notably postretirement health care benefits. Essentially, the standard requires companies to accrue compensation expense each year employees perform services, for the expected cost of providing future postretirement benefits that can be attributed to that service. Typically, companies do not prefund these costs for two reasons: (a) unlike pension liabilities, no federal law requires companies to fund nonpension postretirement benefits and (b) funding contributions, again unlike for pension liabilities, are not tax deductible. (The costs aren’t tax deductible until paid to, or on behalf of, employees.) Required: 1. As a result of being required to record the periodic postretirement expense and related liability, most companies now report lower…1. Of the cafeteria plans listed, which is NOT a voluntary nontaxable deduction? Answer: A. Medicare B. Group-term life insurance C. Medical care reimbursements D. Adoption assistance 2. Prior to the current period, Sol Berenson had earnings subject to FICA tax of $138,600. This week, Sol has gross earnings of $4,900, so he will have $_____ withheld in FICA tax for this period. 3. Barring any special circumstances, over what age is an individual eligible to receive Medicare benefits? Answer: A. 55 B. 62 C. 65 D. 70Kk181.
- If an employer contributes to an Health Savings Account (HSA) on behalf of an employee, a. Is the contribution deductible by the employee? Yes No b. Is the payment considered income to the employee? Yes NoThese provide an employee with financial security upon ceasing employment. A wide variety of these exist, and withholding from gross pay for these plans is a voluntary deduction. The withholding of a portion of an employee's earnings, in compliance with a court order or other legal proceeding. Limited to the lesser of 25% of disposable earnings or the amount of disposable earnings that exceed 30 times the federal minimum wage. A flexible spending account that is designated for a specific purpose. It is a type of cafeteria plan.In a defined benefits retirement plan, the employer bears the investment risks in funding a future retirement income benefit. ____ 12. The cost of replacing an engine in a truck is an example of ordinary maintenance that should be expensed instead of capitalized. ____ 13. For proper matching of revenues and expenses, the estimated cost of fringe benefits must be recognized as an expense of the period during which the employee earns the benefits. ____ 14. Medicare taxes are paid by both the employee and the employer. ____ 15. Costs associated with normal research and development activities should be treated as intangible assets. True and false questions....
- Please match the voluntary deductions listed with the correct definition.Explain how distributions from a qualified pension plan, which are made in the form of annuity payments, are reported by an employee under the following circumstances: No employee contributions are made to the plan. The pension plan provides for matching employee contributions. a. b. C a. Explain how distributions from a qualified pension plan, which are made in the form of annuity payments, are reported by an employee when no employee contributions are made to the plan. O A. The distributions are only taxable to the employee once the taxpayer is retired. O B. The distributions are only taxable to the employee once the taxpayer reached 65 of age. O C. The distributions are fully taxable to the employee when the payment is received. O D. The distributions are not taxable to the employee when the payment is received.The IRA deduction that is an adjustment to income on Form 1040, line 10a is allowed for Select one a. Roth IRA contributions Ob. 401(K) deferred compensation contributions C. Rollovers to a traditional IRA Od. Traditional contributions only
