The TCJA eliminated which of the following?
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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 aboveWhich 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.
- 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 fullA 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.1. Which of these is NOT a regulation set forth within ERISA? Answer: A. Employees must be provided with pertinent retirement plan information. B. Employers are required to offer retirement plans. C. Fiduciaries of the retirement plan may be held accountable for breaches of responsibility. D. There are specific timeframes over which retirement plan benefits become nonforfeitable. 2. Which statement is incorrect regarding wage garnishments? Answer: A. They are only ordered by a court or other legal proceeding. B. The amount of the garnishment is based on disposable earnings. C. The limit can be increased for child support. D. If multiple garnishments are in effect, they are satisfied in the order in which they were received. 3. Which statement about Social Security tax is accurate? Answer: A.…
- Rev. Rul. 54-593, 1954-2 CB 31 states, “There shall be excluded from gross income of an employee the value of any meals or lodging furnished to him by his employer for the convenience of the employer”, but only under certain conditions. This revenue ruling was modified. Cite the revenue ruling.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.Determine whether each of the following independent statements best applies to a defined contribution plan (DCP), a defined benefit plan (DBP), both (B), or neither (N). The amount to be received at retirement depends on actuarial calculations. 2. Forfeitures can be allocated to the remaining participants’ accounts. 3. Requires greater reporting requirements and more actuarial and administrative costs. 4. May exclude employees who begin employment within five years of normal retirement age. 5. Annual addition to each employee’s account may not exceed the smaller of $57,000 or 100% of the employee’s salary. 6. The final benefit to a participant depends upon investment performance.
- Which of the following items is exempt from including into the assessable income for salaries tax purposes? Select one: a. Leave pay b. Commission c. Compensation for termination of employment not provided in the contract d. End of contract gratuitiesStatement1:An entity recognizes no liability or expense for non-accumulating compensated absences until the time of the absence, because employee service does not increase the amount of the benefit.Statement 2: An entity shall measure the expected cost of accumulating compensated absences as the additional amount that the entity expects to pay as a result of the used entitlement that has accumulated at the end of the reporting period.Statement 3: An obligation arises as the employees render service that increases their entitlement to future compensated absences. The obligation exists, and is recognized, even if the accumulating compensated absences are vesting. Only two of the statements are correct All statements are incorrect All statements are correct Only one of the statements is correctWhich of the following would not be reported on a plan's statement of fiduciary net position? A.) Obligations to retired employees that are past due B.) Plan investments at fair value C.) Actuarial accrued liabilities D.) Contributions receivable from employers
