CPP SECTION 7

62 cards

Management &a mp; Admi

Created Aug 9, 2012
by kthompsonn

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	Side A	Side B
1	3 P's of Management	Process-manage the process of preparing payroll. Developin policy & procedures &...
2	Taxpayers eligible for VSCP	Federal, state & local govt entities,exempt organizations, private corps & businesses
3	Highly Compensated Employee	1.Employee was 5% owner any time this year or previous year 2. Employee received more than...
4	Work restrictions on minors 14 or under	May be employed by parent or in specific occupations-acting, newspaper carrier, babysitting Parents...
5	Overpayments Repaid in same year	Employee repays net amount Reverse wages and taxes from payroll system to make sure W-2 is...
6	Net amount	Amount remaining after deductions
7	Gross Amount	Amount before deductions.
8	Overpayments Repaid in following year	Employee can not recover overpaid federal withholding tax Employee should repay GROSS-they...
9	Backpay	Payment received in current year for employment in previous year Portion of Back Pay for Personal...
10	Backpay Awarded under a statute	Age Discrimination Act, Americans with DIsability Act, Equal Pay Act, FLSA, state minimum wage...
11	Backpay Nonstatutory (Not awarded under a statute)	SSA credits to employee's record in the period wages relate to. "Payment for back wages negotiated...
12	Special Wage Payments	Payments to employeein current year for services in prior year Report on current year W-2...
13	Employer provided clothing Non-Taxable	Nontaxable- clothes required as a condition and not suitable for everyday wear. Upkeep of...
14	Employer provided clothing Taxable	Shirts with company logos' white dress shirt/black pants, cash allowances for nonexcludable...
15	Expense Reimbursements Accountable Plan	Do NOT include in wages if: Employee must have incurred expense while performing services...
16	Expense Reimbursements Non-Accountable Plan	Include in wages if any of the following are true: Employee not required to substantiate expenses Not...
17	Meals while traveling	NON-taxable if: Travel requires overnight stay or substantial period of rest AND employee...
18	Per Diem	Consider per diem that does not exceed Federal Govt rates as paid under accountable plan covers...
19	Travel Advances	Nontaxable if accountable plan Must be for business travel expenses Excess over substantiated...
20	Travel expenses for temporary work assignments	Temp work assignment is 1 year or less Expenses under accountable plan-excludable from conp...
21	Medical Care Reimb Taxable?	Nontaxable if paid under employer's self-insured plan Cash pymnts in lieu of insurance wth...
22	Affordable care Act of 2010	Extends exclusion of reimb medical expenses from income to employee's child who has not reached...
23	Supplemental Unemployment Benefits	Federal taxability depends on how plan is funded Amts are nontaxable to the extent they represent...
24	Employer paid employee portion of taxes	If employer pays employee portion of SS & Medicare the amount paid is taxable income to...
25	Golden parachute payments	Subject to FIT withholding, SS, Medicare & FUTA Must meet following criteria: Payment...
26	Below Market or Interest Free Loans	Diff between current applicable federal rate (AFR) and interest on loan is taxable income to...
27	Deceased Employee Wages	Exempt from federal income tax withholding Taxable for SS & Medicare W-2 boxes 3 &...
28	Accrued Wages Paid in Year of Death	Report on Form 1099-Misc Box 3 Other Income Exempt from FIT withholding, SS & Medicare...
29	Directors Fees	Not subject to FIT. SS Medicare or FUTA taxes Report on form 1099-MISC
30	Foreign Earned Income - Define & Taxable?	US citizen's worldwide income is subject to US taxes. Foreign earned income is income...
31	Foreign Earned Income Federal Income Tax Withholding	Required to withhold US income Tax unless EITHER of the following is true: Employer is required...
32	Foreign Earned Income Exclusion 2012	Up to $95,100 of foreign income for the full year ($260.55/day) Limited to actual foreign...
33	Foreign Housing Exclusion 2012	$13,314 ($36.48/day) Equates to the housing exclusion annual cap of $28,530 (30% of the foreign...
34	To qualify for Foreign Earned Income Exclusion and the Foreign Housing Exclusion	Employee's tax home must be in a foreign country throughout the period of the bona fide residence...
35	Foreign Earned Income Bona Fide Residence Test	US citizen or resident alien (who is a citizen or national of a country with which the...
36	Foreign Earned Income Physical Presence Test	US citizen or resident alien (who is a citizen or national of a country with which the...
37	Foreign Earned Income SS & Medicare Taxes	Us citizens working abroad are subject to US SS & Medicare taxes. Employer must match. Foreign...
38	International SS Agreements OR Totalization Agreements ...	US has entered into agreements with many countries to avoid dual taxation. Wages subject...
39	Foreign Earned Income Foreign Affiliate	If an expatriate or resident alien is employed by a foreign affiliate of a US company-SS &...
40	Foreign Earned Income FUTA tax	US citizens working abroad are covered
41	Fringe Benefit-Define & Taxable?	Cash, property or services an employer provides to employees in addition to regular wages Value...
42	Noncash Fringe Benefits	Include FMV at the time provided as wages (less any amount paid by employee) Add value to...
43	Noncash Fringe Benefits Special Rule	You may treat the benefits as paid on any frequency but not less than annually You may treat...
44	Cafeteria Plans (Section 125)	Must be a written plan Employees choose between receiving cash or taxable benefits instead...
45	Cafeteria Plans Qualified Benefits	Accident and Health Benefits Flexible Spending Arrangements Adoption Assistance Dependent...
46	Cafeteria Plans Qualified Benefits Not Allowed	Archer Medical Savings Account Athletic Facilities De minimus benefits educational assistance employee...
47	Simple Cafeteria Plans	In effect after 12/31/10 Allowed as part of Affordable Care Act Allows small employers to...
48	Simple Cafeteria Plans Eligible Employers	100 or less employees in previous 2 years must allow all employees with at least 1000 hrs...
49	Simple Cafeteria Plan Contribution Requirements	Employers must make contributionby either- -a uniform percentage of the employee's comp for...
50	Health Insurance Plans	Exclude from wages the cost employer pays for health insurance. This includes payments...
51	Health Reimb Arrangements (HRA)	A written plan to provide employer payment or reimb for qualifying or health benefits Employer...
52	Direct Medical Reimbursement	Nontaxable Employer may either pay employee medical expenses directly or reimb employee for...
53	Achievement Awards	Excluse from wages tangibe property Does not apply to cash, gc, vacations, meals, lodginf,...
54	Length of Service Awards	Can not award prior to 5 years of service Employee may not receive another length of service...
55	Safety Awards	Does not include awards to a manager. administrator, clerical or other professional employess If...
56	Adoption Assistance	Excludable fromFIT,even if exceeds max exclusion Taxable for SS, Medicare & FUTA Report...
57	Adoption Assistance Qualified Expenses	Reasonable & necessary adoption fees Court Costs Attorney fees Travel expenses incl...
58	Adoption Assistance Eligible Child	Any child under 18 years old Any phsically or disabled person who i sunable to care for themselves
59	Adoption Exepnses NON qualified Expenses	Adoption funds received under any state, local or federal program Expenses that violate laws Expenses...
60	Athletic Facilities	On-site gym or other athletic facility owned or leased by employer is ecldable from wages Reimbursing...
61	Cell Phones	Small Business Jobs and Credit Act of 2010 changed classification Value of phone is excluded...
62	Noncompensatory Business Purpose	bb