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Payroll Basics 3- Overview
Terms in this set (18)
What are examples of Non-Taxable Fringe benefits (to employee)
1) DE minimis Benefits
2) EE discounts
3) onsite Athletic Facilities
4) qualified moving expenses
5) retirement planning services
6) Group term life
7) Achievment Awards
8) Business Travel Expenses
what are the taxable Fringe benefits to an employee ?
Group term life
awards prizes and gifts
personal use of a company auto or aircraft
jury duty payments
What are the Auto evaluation methods?
1) annual lease value
2) Cents per mile
3) commuting method
What are voluntary taxes?
agreed upon, and not legally required taxes
What are involuntary taxes?
mandatory taxes required by law
what are examples of voluntary taxes?
3) deferred com
What are examples of involuntary taxes?
1) child support
2) tax levis
4) student loans
what is the priority of child support?
in isolved, where would you add a garnishment for an employee?
employee mgmt-> EE pay-> Garnishment
what are child support amounts determined by? what do they include
-a flat dollar amount with a percentage to not exceed
what is a federal tax levy determined by?
an IRS chart that computes the exempt amount of the take home pay
What type of tax deduction is child support
Gross pay-taxes only=?
Child support is determined from what type of income?
what are other involuntary deductions?
1) federal tax levy
2) state tax levy
3) student Loans
On a 941 deposit, what are the federal taxes?
social security and medicare
on a 940 deposit, what are the taxes deposited?
What does the 941 deposit include?
1) soical security EE portion
2) social security ER portion
3) Medicare EE portion
4) Medicare ER portion
5) federal income tax withheld
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