What provisions does FLSA not require employers to cover or pay? (2-12)
pay for extra work weekends, holidays; pay for holiday, vacations, severance; holiday time off, sick leave, vacation time, limiting hours over age 16
100
What amount tips are considered taxable under FICA? 3-7
$20 or more
100
What is the maximum annual IRA contribution and 401k for 2012? 4-9
Lesser of $5000 or 100% of commpensation; $17,000 or 100% of pay lesser
100
What is the calculation for semi-monthly wages? 2-29
salary x 24/52 = weekly rate
100
What is the period used for "lookback"? 3-16
Four quarters beginning July 1 through June 30 previous years
200
What is the wage amount for exemption under FLSA? (2-9)
$455+ per week
200
What two taxes are imposed under FICA? 3-2
OASDI and HI (Medicare)
200
What is the amount of the personal withholding allowance for 2012? 4-10
$3,800
200
What are the two methods for calculating overtime? 2-20
40 hrs x rate and OT hrs x 1.5; ttl hrs x rate and OT hrs x 1/2
200
Not for profit considered employer? 4-2
Yes
300
What is the amount payable per hour for student learners? 2-5
$5.44 per hour
300
Is OASDI taken out when earned or paid? -3-10
When paid
300
What is the amount of the personal withholding allowance for 2012? 4-10
401k is withheld by employer, IRA set up by individual
300
what are the components of a nondiscretionary bonus? 2-27
Known in advance, inducement to goal
300
What are the 2012 SECA withholding rates?
(110,100-wages) x 0.104
HI 0.029 (2.9%)
400
Is a discretionary bonus included in regular rate of pay according to FLSA? 2-4
No, it is not.
400
Name FICA exclusions 3-3
agricultural, domestic, government
400
How do you use the wage-bracket method? 4-16
look up on the correct table
400
How do you calculate a non-discretionary bonus? 2-29
Wages plus bonus divided by total hours equals regular rate of pay
400
Is an employer entitled to a credit on Form 941 for COBRA premiums? What is the percentage? 3-19
Yes. 65%
500
What are principal activities? 2-13
Employee must perform, any work of consequence for employer
500
What are considered taxable wages under FICA? 3-5,6
Wages and salaries, cash value of meals lodging for employee convenience, bonuses and commissions, fringe benefits, sick and vacation pay (not a complete list)