Tips, Rates, Formulas

Question 1

FLSA Governs
(acronym)

Answer 1

MOE CPR

Minimum Wage
Overtime
Equal Pay for Equal Work
Child Labor Restrictions
Public Service Contracts
Recordkeeping

Question 2

Exempt Employees
(acronym)

Answer 2

CAPES

Computer Professionals
Administrative
Professional
Executives
Sales Persons

Question 3

Statutory Employee
(acronym)

Answer 3

DISH

Drivers
Insurance Salesperson
Salesperson
Homeworkers

FIT not w/held
SS & Medicare are w/held
FUTA not w/held

Question 4

Statutory Non-Employee
(acronym)

Answer 4

REDS

Real Estate Agents
Direct Sales

No taxes w/held

Question 5

Commuting Valuation Rate

Answer 5

$1.50 ($3 roundtrip)

Question 5

Adoption Assistance Limit

Answer 5

$17,280 per eligible child

Modified AGI over $299,190 not eligible

Question 6

Computer Professional Wage

Answer 6

$27.63

Question 7

Dependent Care Limit

Answer 7

$5k Single
$2,500 married filing separately

Question 8

Education Assistance Limit

Answer 8

$5,250

Question 9

Foreign Earned Income Exclusion Limit

Answer 9

$130,000

Question 10

FUTA Rate

Answer 10

6%
May get credit for up to 5.4%
Federal Unemployment Tax Act

Question 11

Gross Up Formula

Answer 11

Desired Net Pay / (100% - Total % of all taxes)G

Question 12

GTL Insurance Rate

Answer 12

$50,000

Question 13

Medicare Rate

Answer 13

1.45%

additional .9% over $200k

No wage limit

Question 14

Moving Mileage Rate

Answer 14

.21 cents

Question 15

Opportunity Wage
(EE under 20, 1st 90 days)

Answer 15

$4.25

Question 16

Qualified Parking Limit

Answer 16

$325

Question 17

SS Rate Employee

Answer 17

6.2%

Question 18

SS Wage Limit

Answer 18

$176,100

Question 19

Supplemental % < 1 million

Answer 19

22%

Question 20

Supplemental % > 1 million

Answer 20

37%

Question 21

Tip Wage
Tip Credit

Answer 21

$2.13 Wage
$5.12 Wage credit

Question 22

Tipp Allocation Rate %

Answer 22

8% of gross receipts

Question 23

Vanpool / Transportation Limit

Answer 23

$325

Question 24

401K Max contribution

Answer 24

$23,500 $70,000 total Max

Question 25

401K Max catch up over 50

Answer 25

$7,500 $77,500 total max

Question 26

401K Max catch up 60-63

Answer 26

$11,250 $81,250 total max

Question 27

401k Toral Contributions Under 50 50+ 60-63

Answer 27

Under 50 = $70k 50+ = $77,500 60-63 = $81,250

Question 28

HSA single limit and with catch up

Answer 28

$4,300 with catch up $5,300

Question 29

HSA family limit and with catch up

Answer 29

$8,550 with catch up $9,550

Question 30

FSA contribution limit

Answer 30

$3,300

Question 31

Highly compensated employee limit

Answer 31

$160,000

Question 32

Max annual compensation for retirement plans

Answer 32

$350,000

Question 33

Accounting flow

Answer 33

TJLF Transaction Journal Ledger Financial statement

Question 34

Financial statements

Answer 34

Balance sheet - shows financial position Income statement - shows profitability Cash flow statement - source of Revenue and destination of expenses Statement of shareholders Equity - shows total Capital belonging to the owners. Retained earnings

Question 35

Balance sheet formula

Answer 35

Assets = liability + owner's equity

Question 36

Income statement formula

Answer 36

Revenue - expenses = net income or loss

Question 37

Statement of retained earnings formula

Answer 37

Beginning retained earnings + net incomeoss - income distributed = ending retained earnings Income Distributed- dividends paid Ending retained earnings- equity

Question 38

Mortgage payable to bank Asset, liability, or expense

Answer 38

Liability

Question 39

Employer paid benefit costs Asset, liability, or expense

Answer 39

Expense

Question 40

Maintenance for computers Asset, liability, expense

Answer 40

Expense

Question 41

Wages paid Asset, liability, expense

Answer 41

Expense

Question 42

Taxes withheld but not yet deposited Asset, liability, expense

Answer 42

Liability

Question 43

Contributions owed to a company Benefit Plan Asset, liability, expense

Answer 43

Liability

Question 44

A/P to creditor Asset, liability, expense

Answer 44

Liability

Question 45

Office furniture Asset, liability, expense

Answer 45

Asset

Question 46

Office supply costs Asset, liability, expense

Answer 46

Expense

Question 47

Cash Asset, liability, expense

Answer 47

Asset

Question 48

Petty cash Asset, liability, expense

Answer 48

Asset

Question 49

Employers share of payroll taxes Asset, liability, expense

Answer 49

Expense

Question 50

Delivery equipment Asset, liability, or expense

Answer 50

Asset

Question 51

Wages payable (not yet paid) Asset, liability, expense

Answer 51

Liability

Question 52

FUTA Taxes Payable Asset, liability, or expense

Answer 52

Liability

Question 53

Union dues deducted but not yet paid Asset, liability, expense

Answer 53

Liability

Question 54

Loan payable to bank Asset, liability, expense

Answer 54

Liability

Question 55

Any asset or expense Normal balance? How does it increase? How does it decrease?

Answer 55

Normal balance: debit Increases with a debit Decreases with a credit

Question 56

Any liability or revenue account Normal balance? How does it increase? How does it decrease?

Answer 56

Normal balance: credit Increases with a credit Decreases with a debit

Question 57

How do you decrease A/P?

Answer 57

Debit

Question 58

ACH flow

Answer 58

Initiation > ODFI > ACH Network > RDFI > Employee

Question 59

How do you decrease capital?

Answer 59

Debit

Question 60

How do you decrease accounts receivable?

Answer 60

Credit

Question 61

How do you decrease cash?

Answer 61

Credit

Question 62

How do you decrease miscellaneous expenses?

Answer 62

Credit

Question 63

How do you decrease prepaid insurance?

Answer 63

Credit

Question 64

How do you decrease rent expense?

Answer 64

Credit

Question 65

How do you decrease revenue?

Answer 65

Debit

Question 66

How do you decrease supplies?

Answer 66

Credit

Question 67

How do you decrease owner's drawing account?

Answer 67

Credit

Question 68

How do you increase accounts payable?

Answer 68

Credit

Question 69

How do you increase accounts receivable?

Answer 69

Debit

Question 70

How do you increase capital?

Answer 70

Credit

Question 71

How do you increase cash?

Answer 71

Debit

Question 72

How do you increase miscellaneous expenses?

Answer 72

Debit

Question 73

How do you increase prepaid insurance?

Answer 73

Debit

Question 74

How do you increase rent expense account?

Answer 74

Debit

Question 75

How do you increase Revenue?

Answer 75

Credit

Question 76

How do you increase supplies?

Answer 76

Debit

Question 77

How do you increase owner's drawing account?

Answer 77

Debit

Question 78

The side in which an account increases on is called what?

Answer 78

Normal balance

Question 79

What journal entry is made to record the deposit of federal income tax? Accounts are FIT payable and cash

Answer 79

Debit FIT payable Credit cash

Question 80

Length of Service Awards

Answer 80

For Non-Cash Awards: The total value of awards received by an employee in a year does not exceed $1,600 under a qualified plan. For non-qualified plans, the limit is $400 for all awards received in a year.