he TCJA eliminated which of the following? A) Annual Filing Season Program B) Deduction for qualified employee fringe benefits for transportation C) Due Diligence Requirements D) Deduction for gambling losses
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The TCJA eliminated which of the following?
A) Annual Filing Season Program
B) Deduction for qualified employee
C) Due Diligence Requirements
D) Deduction for gambling losses
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- The TCJA eliminated which of the following? • A) Annual Filing Season Program B) Deduction for qualified employee fringe benefits for transportation • C) Due Diligence Requirements • D) Deduction for gambling lossesEmployee business expenses are no longer deductible on Schedule A for federal purposes. Why are they still relevant? A. They are deductible on another form B. If your income is less than certain thresholds you still get a benefit C. They are deductible for California purposes D. None of the abovePermanent adjustments on Schedule M-1 (Form 1065) include: Premiums paid for life insurance policies on key employees, lobbying expenses, and tax exempt interest. Start up costs, depletion, and inventory costs. Section 179 expensing, uniform capitalization adjustments, and expenses related to tax exempt income. Depreciation, amortization, and depletion.
- A variety of SUTA reports need to be filed with respective state governments. Which of the following are not a type of required report: a. Partial unemployment notices. b. Wage information reports. c. Form 940. d. Status reports.In terms of classification of short-term compensated absences; which of the following is incorrect? Under vesting short-term compensated absences, employees are entitled to a cash payment for unused entitlement on leaving the entity Under non-vesting short-term compensated absences, employees are not entitled to a cash payment for unused entitlement on leaving the entity Accumulating short-term compensated absences are those that are carried forward and can be used in future periods if the current period's entitlement is not used in full Non-accumulating short-tam compensated absences are those that are carried forward and can be used in future periods if the current period's entitlement is not used in fullWhich of the following criteria is not required for the recognition of a liability for compensated absences? The amount of the obligation must be estimable. Payment of the obligation will require the use of current assets. Payment of the obligation must be probable. The compensation either evsts with the employee ir can be carried forward to subsequent years.
- Which one of the statement regarding itemized deductions in 2020 is false? Group of answer choices A.Itemized deductions provide relief to taxpayers whose ability to pay taxes has been involuntarily reduced. B.Itemized deductions subsidize desirable activities. C.Itemized deductions include medical expenses, taxes, mortgage interest, charitable contributions, and unreimbursed employee business expenses. D.Taxpayers only itemize deductions if they exceed their standard deduction.The Federal Insurance Contributions Acta. requires employer FICA liabilities to be recorded upon issuance of an employee's paycheck.b. prohibits employees from paying FICA taxes before their paycheck is received.c. requires the employer to deposit FICA taxes immediately upon issuance of the employee's paycheck.d. requires deduction from employee paychecks to be made; these amounts are recorded as liabilities when withheld.Which of the following is not considered by an actuary when determining the annual contribution to a government pension plan? A. Employee turnover B. Mortality rates C. Annual salary increase D. Increase to the federal deficit
- Which of the following statements are reasons employers may choose to delay eligibility of employees to participate in a retirement plan? 1. Employees do not start earning benefits until they become plan participants (except in defined benefit plans, which may count prior service). 2. Since turnover is generally highest for employees in their first few years of employment and for younger employees, it makes sense from an administrative standpoint to delay their eligibility. A. 1 only. B. 2 only. C. Both 1 and 2. D. Neither 1 nor 2.10. Which of the following key risks for Payroll activities under the Hire-to-Retire process where if present would pose the greatest regulatory risks? Group of answer choices Payroll rates or pay-scales are modified inappropriately in the payroll system. The required contributions from employees are not remitted to SSS, PAG-IBIG, and PhilHealth regularly. Payroll, tax, and other voluntary and involuntary deductions are inaccurately calculated and paid or disbursed past the due date. Discrepancies exist between payroll and other deduction amounts and what is reported on financial, tax, and legal reports.Can Employee's expenses (Unreimbursed) be itemized? Can Federal income tax withheld from salary wages be deducted from AGI? Can tuition, room, and board paid for college be itemized?
