Qualified benefits permitted in an IRC §125 plan include accident and health plans, group-term life insurance, health savings accounts (HSA), elective vacation days, elective contributions to a qualified cash or deferred arrangement (401(k) only), cash, and adoption...
Credits increase liabilities (such as amounts withheld but not paid), decrease assets and decrease expenses. Debits increase assets (such as a deposit to the payroll checking account), decrease liabilities (such as when a liability is paid), and increase expenses...
Certified Payroll Professional Module 7 Quizzes. When correcting information on a previously filed Form W-2 by filing Forms W-2c on paper, Form W-3c is used as a transmittal form. Form W-3 is used to transmit paper Forms W-2 to SSA. Forms 843 and 941-X are stand-alone...
Deductions of taxes and involuntary withholding orders have priority over voluntary deductions. Once taxes, involuntary deductions, and deductions required by state law have been withheld, employers have the responsibility to prioritize voluntary deductions. For more...
Under IRS rules, when an employee has loans provided by the employer in excess of $10,000, the employer must impute interest into the employee’s income if the interest rate the employee pays is less than the applicable federal interest rate. The included income is...
Certified Payroll Professional Module 1 Quiz. Under the FLSA white collar exemption rules, an exempt professional employee will meet all of the following requirements EXCEPT: a. consistently exercising discretion and judgment. b. having knowledge acquired through...
