W-2, Box 12 Codes
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100
Designated Roth contributions under a 457 plan
What is W2 Box 12 Code EE
100
Under the common law test, this factor considers whether the worker has unreimbursed business expenses or whether the worker can realize a profit or incur a loss.
What is financial control?
100
Flowers for family sickness, coffee and donuts, using the copier for personal use.
What are examples of De Minimis fringe benefit?
100
The maximum amount of the group life insurance an employer can provide an employee’s dependents without its value being taxable to the employee.
What is $0.15 per $1,000 of the taxable value of the coverage?
100
Sofia Vergara's gross pay is $1,500 per week. On August 1, 2019, her employer receives a Form 668-W stating that a tax levy was being issued against Sofia's wages for $10,000. Sofia claims single with 2 dependents on Part 3 of the form. As of August 1, Sofia had the following deductions. This will be her net pay.
Take-home pay:
$1,500.00 - $324.75 = $1,175.25
Exempt amount from levy:
2019 Publication 1494
Single, 2 dependents
$396.16
Amount subject to levy:
$1,175.25 - $396.16 = $779.09
Net pay:
$396.16
200
Cost of employer sponsored health coverage
What is W-2 Box 12 Code DD
200
Under the common law test, this factor considers the level of instructions and training provided to the worker.
What is behavioral control?
200
The 3 special valuation methods that can be used to determine the taxable amount of the personal use of Company car.
What are Annual lease value method, Vehicle cents per mile method and commuting method?
200
Travel expenses an employee can incurred while on a business travel.
What are cost of meals, cost of lodging and transportation cost?
200
Keanu Reeve’s employer receives a child support order demanding that $800 of his disposable earnings be withheld each biweekly pay period. Keanu is not late in paying support, and is not supporting another wife or child. He earns $1,500 biweekly and he has the following deductions. This is the amount to withhold for child support.
Disposable earnings:
$1,500 Gross - $163.20 FIT - $89.90 SS - $21.03 Medicare = $1,225.87
Child support withholding: Not supporting another family and not in arrears: 60%$1,225.87 x 60% = $735.52
Child support order was for $800, but the maximum to withhold is $735.52
300
Health Savings Account contributions
What is W-2 Box 12, Code W
300
Under the common law test, this factor considers whether the worker's services are an important aspect of the business's regular operations.
What is the type of relationship?
300
A compensation that is paid to an officer, shareholder, or highly compensated employee only after a change in corporate ownership or control and that is at least 3 times the employee's average compensation during the 5 most recent tax years.
What is the parachute payment?
300
Three types of wages that are subject to Federal Income Tax Withholding?
What are deceased workers’ wages paid to the estate or legal representative, bonuses, and back pay?
300
Matt Damon drives an employer-provided car that he uses for both business and personal driving. Matt drove 15,500 miles during the year, of which 11,250 miles were for business use. The car’s fair market value is $28,600. What is the amount of the car’s FMV that must be included in Matt’s income for the year?
$2,125.05?
400
Adoption Assistance
What is W-2 Box 12, Code T
400
The two types of statutory nonemployees.
What are real estate agents and direct sellers?
400
The data required for recordkeeping for a business use of a company vehicle.
What are date, business purpose, and mileage for trip?
400
Not subject to FICA and is either reported on a Form 1099-MISC or Form 1099-R.
What is Death Benefits?
400
Lady Gaga was born on March 29, 1986 and earns $80,000 per year. Her company provides group-term life insurance coverage at 2 times his annual salary. Her employer’s plan has a maximum coverage amount of $150,000. She is paid on a bi-weekly basis and contributes $1.25 per pay check in after-tax dollars toward the insurance premiums. What amount should be included on her next pay check?
$2.44
500
Moving Expense Reimbursements
What is W-2, Box 12, Code P
500
The four types of statutory employees.
What are agent-drivers or commission-drivers, full-time life insurance salespersons, homeworkers, and traveling or city salespersons?
500
The number of days using the "fixed date" method for business travel expense that an advance can be provided before an expense is incurred.
What is 30 days?
500
Maximum of $5,000 per year or $2,500 for married individuals filing separately.
What is Dependent Care Assistants Program?
500
Robert Redford's employer is providing him with a net bonus in the amount of $15,000. Robert’s year-to-date wages are $100,000 and he lives in a state that has a state supplemental wage withholding rate of 3%. What is the gross amount of his bonus?
$22,271.71