SOLVED QUESTION COLLECTION
◉ Nontaxable awards.
Answer: Certain conditions, length of service and safety awards are
not taxable.
◉ working condition benefit.
Answer: Nontaxable benefits which relates to the employees trade
or business.
◉ For taxes, who is a tipped employee.
Answer: IRS requires employees who receive tips of $20 or more to
report the tips to ER.
◉ Taxes on commissions.
Answer: Income, FICA, FUTA
◉ Monthly transportation benefit.
Answer: $260 excluded from income a month for qualified
transportation.
,◉ Taxes withheld from GTL.
Answer: Social security and medicare taxes (FICA)
◉ 401K annual contribution limit.
Answer: $54,000 or 100% EE annual compensation
◉ Taxes on qualified retirement plans.
Answer: Subject to social security and medicare.
ER contributions are not taxable.
◉ 2 types of retirement plans.
Answer: Qualified or non-qualified plans
◉ Roth 401K.
Answer: Subject to FIT, FICA.
Reported on form W-2 in box 12 with code AA.
◉ Deferred Compensation.
, Answer: Money that is given or received at a later date usually in
return for services that have been given or received at the present
time
◉ 457B plans.
Answer: Public sector employers (State and local governments.)
◉ qualified retirement plans must.
Answer: Must be in writing, must benefit the employees and not
discriminate in favor of highly compensated employees.
◉ 401K catch-up.
Answer: Employees 50 age or older (the year they turn 50),
to defer up to $6,000 of additional funds beyond the $18,500
deferred compensation limit.
◉ 401K contributions are reported.
Answer: On form W-2 in box 12 with code D.
◉ 401K Deferral Limit.
Answer: $18,500
◉ 2 types of qualified retirement plans.