| Subject | Date Asked | Expert |
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| Termination & Retirement Withdrawal | 5/9/2008 | Allen |
Q: My former employer terminated part of the workforce including me due to company finance issues. I ...
A: There may be a good reason for the delay. Nevertheless if it has been some time since you were ...
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| 401K loan in default | 5/6/2008 | Shirley McAllister, CPP, PHR |
Q: My ex wife obtained a loan through her retirement plan at work; I seem to think it was a 403B plan. ...
A: If the loan is in default she will receive a 1099 at the end of the year for the amount of the ...
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| pension distribution | 4/30/2008 | Allen |
Q: I plan to work past 70.5 years of age. I have a pension with the company I am working for. Will I be ...
A: It all depends on the terms of the plan. Some plans allow a participant to begin receiving benefits ...
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| 401K Loan | 4/30/2008 | Allen |
Q: I have a similar question to the previous one about defaulting on a loan from a retirement plan. As ...
A: Unfortunately, I believe the penalty applies. If you had originally taken a hardship distribution to ...
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| Expenses | 4/30/2008 | Shirley McAllister, CPP, PHR |
Q: I am a manager at a resturaunt and catering company. I get paid back for gas expenses that I have to ...
A: Gas Expense reimbursement should not be counted as wages. The gas expenses should be paid through ...
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| Profit Sharing | 4/28/2008 | Shirley McAllister, CPP, PHR |
Q: My company has a profit sharing plan for its employees. I am planning on leaving the company in the ...
A: If you take money from a retirement profit sharing plan before you are 59 1/2 you will pay taxes ...
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| accounting | 4/28/2008 | Shirley McAllister, CPP, PHR |
Q: I'm trying to figure out how to show the transfer of funds in my receits and disbursement reports. ...
A: It is a credit to the account it is transferring from and a debit to the account it is tranferring ...
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| Rollover Lump Sum to IRA? | 4/27/2008 | Allen |
Q: I am 65 and retiring. I have the option of getting a $135000 lump sum pension, or $935/mo. I am ...
A: Several comments: 1. You can rollover to your traditional IRA. However, to avoid tax withholding, ...
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| Salary; hourly | 4/24/2008 | Shirley McAllister, CPP, PHR |
Q: Here I am again. Can you pay a salary to an hourly employee as long as they are coded non exempt? We ...
A: You can pay a salary to a not exempt hourly employee. The only thing you have to watch for is if ...
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| Reducing working hours | 4/24/2008 | Shirley McAllister, CPP, PHR |
Q: For some reason I am completely confused as to work out how to do the following... We have a member ...
A: I am assuming that you are in the UK. When a worker in UK works irregular hours the annual leave is ...
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| Payroll | 4/24/2008 | Shirley McAllister, CPP, PHR |
Q: What is the absolute latest you can pay employee's past pay date? If the pay date is the 15th, how ...
A: Is this for a termination or a currently employed employee? I need more information before I can ...
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| County pension plan | 4/22/2008 | Allen |
Q: I have a government pension that I want to cash out to put a down payment on a new house. The ...
A: There is no way to avoid the income tax. This is required when you receive a distribution from a ...
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| 401K | 4/20/2008 | Shirley McAllister, CPP, PHR |
Q: Im 50 years old collecting SSI. I started a 401K plan in 1982-1989 at Bud Schmidt Buick Inc. company ...
A: First you need to start with the business where you started the 401K. They should have sent out ...
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| 401K Loan Default | 4/18/2008 | Allen |
Q: In June 2004 I took out a 401K loan for a new home purchase, in September of 2007 I received a ...
A: First of all, if it were me I would not be happy with a computer glitch causing me to pay current ...
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| pension | 4/17/2008 | Allen |
Q: As an employee owner of an S corp I am seriously displeased with the increasing amount being paid ...
A: Your objectives are not unusual In order to give you an estimate of the contributions for each ...
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| pension | 4/16/2008 | Allen |
Q: As an employee owner of an S corp I am seriously displeased with the increasing amount being paid ...
A: You might be a candidate for a defined benefit pension plan. In this type of plan, you could ...
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| pension | 4/12/2008 | Allen |
Q: As an employee owner of an S corp I am seriously displeased with the increasing amount being paid ...
A: You can establish a defined benefit plan and make substantial contributions to the plan. Since you ...
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| DEFINED DEFERRED PENSION AFTER AGE 70 1/2 | 4/11/2008 | Allen |
Q: I AM 75 AND AM WORKING UNDER A DEFINED DEFERRED PENSION PLAN FOR OVER 50 YRS. AS I READ 'SMALL ...
A: Hope the following is understandable. If it isn't write back. The law states that if an employee ...
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| Default | 4/10/2008 | Allen |
Q: Allen, I took out a loan against my 401k plan in 2005 and defaulted on that loan. Since that time, ...
A: It sounds like they may have made a mistake when they allowed you to take out the other loans. You ...
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| Closing pension and need to decide what to do | 4/8/2008 | Allen |
Q: I am 46 years old. My company stopped their pension plan a few years ago and switched to 401K. Now ...
A: I can't give you a simple answer to your question. However here are some of my thoughts: 1. If you ...
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| Employee Referral | 4/7/2008 | Shirley McAllister, CPP, PHR |
Q: Iam paying an employee a referral bonus of $600. Is this considered taxable as a bonus or can it be ...
A: Bonus checks are generally taxed at the supplementary tax rate. Basically what it says if you ...
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| 401K loan payment | 4/3/2008 | Allen |
Q: Our company is discontinuing our pension plan. We also have a 401K. I have borrowed money against ...
A: Your question isn't clear to me.I think you are asking - can I pay off my 401k plan loan with the ...
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| no federal taxes were taken out!!!! | 3/31/2008 | Shirley McAllister, CPP, PHR |
Q: My employer never too out federal taxes from my wages. I graduated high school in 2007 and then ...
A: First of all 1700.00 seems a lot to pay if you were working fast food. How much did you make in ...
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| Time Card Changes | 3/27/2008 | Shirley McAllister, CPP, PHR |
Q: I work in an office (we are a City/County Municipality) in which 6 of us *hit the clock* and the ...
A: The company has a right to set your hours. They can tell you which hours you are to work. If you ...
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| hsa accounts | 3/25/2008 | Shirley McAllister, CPP, PHR |
Q: I work for a small company. 3 of us (out of 6) have opted for the HSA insurance option with BCBS. My ...
A: An HSA is a tax-exempt trust or custodial account used exclusively to pay qualified medical expenses ...
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| 401(k) loan | 3/25/2008 | Shirley McAllister, CPP, PHR |
Q: I borrowed $30,000 from my 401(k) in 2004 to purchase a home. Received 1099 for $31,003.01 in 2005 ...
A: Penalties are never recoverable. If you defaulted and paid taxes on the amount that would mean ...
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| Hourly pay reduced | 3/25/2008 | Shirley McAllister, CPP, PHR |
Q: Two and a half years ago I was on medical leave for 3 weeks due to rotator cuff surgery. When I ...
A: I guess I have to ask why are you just now asking if it happened 2 1/2 years ago. Did they reduce ...
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| Owner Pay | 3/20/2008 | Shirley McAllister, CPP, PHR |
Q: I recently started a partnership in a existing small business. I use MicrosSoft Accounting as my ...
A: Okay, I am not familiar with your software and I am not an expert on the type of corporation that ...
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| Payback of retention bonuses earned in previous year | 3/19/2008 | Shirley McAllister, CPP, PHR |
Q: I have to pay back the gross amt of a retention bonus since I am leaving my company. I received ...
A: It will be on the W-2c. If your employer decides to request the refund of Fica and Medicare for ...
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| Payback of retention bonuses earned in previous year | 3/19/2008 | Shirley McAllister, CPP, PHR |
Q: I have to pay back the gross amt of a retention bonus since I am leaving my company. I received ...
A: If you are to pay back the Gross amount than you will definately have to receive a W-2C from the ...
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| 1099-Misc for internship | 3/18/2008 | Shirley McAllister, CPP, PHR |
Q: I have worked as a law clerk at a law firm for nearly a year. I began my internship as a law clerk ...
A: You will pay the same amount of federal and state taxes because that is based on your income so it ...
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| Division of Retirement Account | 3/16/2008 | Allen |
Q: Allen, I am going to be taking my exhusband to court to make him comply with the divorce decree ...
A: An actuary could help you. The fee would depend on how many hours he or she must spend making the ...
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| FICA & Federal W/H | 3/14/2008 | Shirley McAllister, CPP, PHR |
Q: I have started doing the books for a one-man company that has done nothing regarding payroll; except ...
A: The difficulty is that while you know that Fica is 6.2% of the gross and Medicare is 1.45% of the ...
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| Unemployment reporting | 3/12/2008 | Shirley McAllister, CPP, PHR |
Q: Shirley, I live in TX where we don't have state taxes. I didn't have any regular wages with my ...
A: The employer will not send you a W-2 for your unemployment amount as that is handled by the Texas ...
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| Payroll | 3/12/2008 | Shirley McAllister, CPP, PHR |
Q: Business has been pretty slow and we haven't been able to draw pay, how do I do payroll so taxes are ...
A: Again the Futa and Suta tax have to match the wages for the quarter. The state Suta directly must ...
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| Pay Scales | 3/12/2008 | Shirley McAllister, CPP, PHR |
Q: In business do payscales ever overlap? Or should they? Should a person potentially make more an hour ...
A: That would be a team leader position. Some companies have them, ours does. The Team Leader is a step ...
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| Payroll | 3/12/2008 | Shirley McAllister, CPP, PHR |
Q: Business has been pretty slow and we haven't been able to draw pay, how do I do payroll so taxes are ...
A: Are you a sole proprietor or the member of a partnership? This is difficult to answer without ...
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| FICA & Federal W/H | 3/12/2008 | Shirley McAllister, CPP, PHR |
Q: I have started doing the books for a one-man company that has done nothing regarding payroll; except ...
A: You cannot figure the Fica and Medicare on the net amount. You have federal and state income taxes ...
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| Pay Scales | 3/12/2008 | Shirley McAllister, CPP, PHR |
Q: In business do payscales ever overlap? Or should they? Should a person potentially make more an hour ...
A: I think that may happen in a dream world. In the real world that is not going to happen. If you pay ...
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| Pay Scales | 3/11/2008 | Shirley McAllister, CPP, PHR |
Q: In business do payscales ever overlap? Or should they? Should a person potentially make more an hour ...
A: Generally supervisory and Managerial positions pay higher wages. They pay higher because they have ...
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