W-2 Boxes
w-2 Box 12 Code G
Section 457B contributions
IRS/SSA/FUTA Documents:
W-2 forms, Amount of wages subject to withholding, EEs name/address/occupation. ETC
4 years
An EE classified as Exempt from the FLSA is exempt from:
both minimum hrly wage and overtime
Which ERs must use form 941, schedule B?
Semiweekly depositors
Which plan can disseminate in favor of highly compensated EEs
457(b) plans
Non taxable combat pay
FLSA supplemental Record Retention:
Time Cards, Wage rate tables, work time schedules, billing records, records of additions to or deducted from wages.
2 Years
Which benefit requires form W-2 Box 12 reporting of ER contributions:
Health savings account
A monthly depositor's shortfall make-up deposit must be made no later than:
The due date of the form 941 for the quarter.
A company makes all tax deposits timely. the 4th quarter EE tax return is due no later than:
February 10
W-2 Box 12 code J
Sick pay
FLSA record retention:
Hours worked each week, collective bargaining agreements ETC
3 Years
The payment of a creditor garnishment withheld from an EEs wages will:
Decrease both assets and liabilities.
What journal entries are required to record $250,000 in salaries earned during the last week of July but not paid until the first Friday in August?
Debit accrued salary EXPENSE; credit accrued salary PAYABLE
What is form 944?
An annual employment tax return for ERs with a history of annual tax liabilities of less that $1000
W-2 Box 11
A journal consists of:
Debits and credits to specific ledger accounts.
Last month, an EE typed a personal letter and photocopied 50 fliers for a clubs garage sale using company equipment. The IRC defined these services as:
De minimis fringes
Which of the following organizations are required to file form 940?
ERs with wages greater than %1500 in any quarter of 2022 or 2023
When a company has always made timely tax deposits, its first quarter for 941 is due on or before:
May 10th
Allocated Tips
A general ledger is:
A record of transaction by account.
A semiwkly depositor has tax liabilites of $79,000 from wednesdays payday and a liability of $50,000 from Fridays oayday. The Tax deposit is due:
MONDAY
ERs are not required to make a quarterly tax deposit prior to submitting for 941 if their tax liability for the quarter is less than:
$2500 for the current or previous quarter.
Salaries earned but not yet paid in the current month must be recorded as a:
Debit to salary expense