| Subject | Date Asked | Expert |
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| Exempt employee time tracking | 9/3/2008 | Shirley McAllister, CPP, PHR |
Q: Our school (which operates under a court)with exempt employees (teachers) has just gone to a 4 tens ...
A: We had much debate over this in management in the early years of our company. We had a CPA firm come ...
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| Exempt employee time tracking | 9/3/2008 | Shirley McAllister, CPP, PHR |
Q: Our school (which operates under a court)with exempt employees (teachers) has just gone to a 4 tens ...
A: This is how it is at our company also. The reason is that everyone is guaranteed 6 holidays a year. ...
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| e-mail as timecard? | 9/3/2008 | Shirley McAllister, CPP, PHR |
Q: Can employers use e-mail as a timecard? I work at a new company that doesn't have a timecardsystem ...
A: The computer is set to round time. If you checked in on our computer system at 7:12 it would round ...
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| payroll | 8/29/2008 | Shirley McAllister, CPP, PHR |
Q: my father owns a network service company and until just last week he started doing payroll and added ...
A: You will have to file taxes on New York for your total income and taxes in New Jersey for the work ...
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| Rollover of monthly pension payments | 8/27/2008 | Allen |
Q: Do IRS regulations prohibit the rollover of monthly single life annuity payments from a pension plan ...
A: You can not roll monthly payments to an IRA. You can only rollover a distribution that is considered ...
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| 2 jobs w/ 401k.. | 8/27/2008 | Allen |
Q: I have a job and starting my other job soon and my present job I have a 401k plan. Can I rollover my ...
A: There are two separate issues here. 1. If the new plan and the old plan have matching provisions, ...
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| payroll | 8/26/2008 | Shirley McAllister, CPP, PHR |
Q: If an employee's gross pay was $391.00 for a 44 hour work week and 4 of these hours were overtime, ...
A: If it is all regular time than you can divide the 391 by 44. Since there are 4 hours overtime you ...
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| 401k Loan Default | 8/26/2008 | Allen |
Q: My wife changed employers this year and we just received notice that the 401k loan has been placed ...
A: I don't believe the administrator is giving you accurate information. Check the terms of the loan. ...
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| Calculating an Exempt Employee's Hourly Rate | 8/22/2008 | Shirley McAllister, CPP, PHR |
Q: My employer insists on using a 2088 hour year. Additionally, when we terminate an exempt person ...
A: It is a 2.33 per day variance not per hour! If it is significant than the battle is one you wish to ...
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| Calculating an Exempt Employee's Hourly Rate | 8/22/2008 | Shirley McAllister, CPP, PHR |
Q: My employer insists on using a 2088 hour year. Additionally, when we terminate an exempt person ...
A: The payperiod wages have to come from somewhere. So the pay period amount is probably based on the ...
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| Calculating an Exempt Employee's Hourly Rate | 8/22/2008 | Shirley McAllister, CPP, PHR |
Q: My employer insists on using a 2088 hour year. Additionally, when we terminate an exempt person ...
A: The 2080 comes from 40 hours a week x 52 weeks in a year is equal to 2080 and not 2088. So 40,000 a ...
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| Medical Insurance Deductions | 8/18/2008 | Shirley McAllister, CPP, PHR |
Q: I have an LLC with 2 other gentlemen. I am also employed part time but am not eligible for medical ...
A: It does not have to be a specific kind of insurance policy as long as it is for insurance and money ...
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| periodic inventory system | 8/17/2008 | Carlton Johnson, LPA, MFP, ABA |
Q: I am using periodic inventory system, at end of an accounting period, i count physical inventory, ...
A: If you are using a periodic inventory system, then general rule is to look at the following formula: ...
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| Single Entry vs Double Entry | 8/15/2008 | Arthur Naman |
Q: If I am going to use single entry accounting rather than double in my small business (service ...
A: A single entry accounting system is simply a means to track cash receipts and disbursements. Thus if ...
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| Tax related | 8/12/2008 | Arthur Naman |
Q: An S corporation is paying back to the only shareholder what he loaned the corp. How does the loan ...
A: How does the loan repayment affect taxes? -- There is no effect on income taxes. Its just like any ...
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| banked vacation weeks | 8/10/2008 | Shirley McAllister, CPP, PHR |
Q: in the 1980's i banked 1 vacation week each year at ohio bell telephone company and was supposed to ...
A: Do you have any emails or letters saying that you have banked the vacation time? I know I send my ...
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| Payroll between companies | 8/7/2008 | Shirley McAllister, CPP, PHR |
Q: I am going to be serving as the controller for two small companies that are financed through husband ...
A: Those would be correct Journel entries. The invoice would be audit support. It is not income if it ...
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| Payroll between companies | 8/7/2008 | Shirley McAllister, CPP, PHR |
Q: I am going to be serving as the controller for two small companies that are financed through husband ...
A: What you would be doing is legal. You would be working as a concurrent employee for the two ...
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| Defined benefit pension - monthly payment | 8/7/2008 | Arthur Naman |
Q: How do I know whether my company has correctly calculated my monthly pension payment?
A: You question is not clear. Are you asking how much the monthly payment into your pension, aka the ...
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| profit sharing 401k | 8/6/2008 | Shirley McAllister, CPP, PHR |
Q: My employer for 2007 had a safe harbor for our profit sharing 401k plan. it is now Aug. 6 and they ...
A: The safe harbor for small business plans is only for 7 days unless they are under the Katrina ...
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| Deferred Salary accounting | 8/5/2008 | Mike Wellman |
Q: We have a new staff member who wishes to defer salary payment for three months. I did not ask why. ...
A: As far as payroll accounting and the IRS is concerned, the payroll taxes are not due until the ...
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| simply Accounting Entries/Shareholder Loan | 8/5/2008 | Arthur Naman |
Q: A bookkeeping question using Simply accounting What does my journal entry look like for this ...
A: I do not use, and have not used, Simply Accounting. The answer which follows is a general answer for ...
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| automatic deposit | 8/2/2008 | Shirley McAllister, CPP, PHR |
Q: How do I sign up for automatic deposit?
A: Robert, If your company offer's direct deposit you can obtain a form to sign up for direct deposit ...
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| Pension Benefits | 8/1/2008 | Allen |
Q: My father worked for Interstate Bakeries for 17 years, from 1953 through 1969. However, is has been ...
A: They may be correct. Before ERISA was passed in 1974, companies could require long periods of ...
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| pension/hardship withdraw | 7/28/2008 | Allen |
Q: I am a recently divorced mom to 3 kids. My ex works for Mayo Clinic and has for the entire marraige. ...
A: Using the money for a down payment on a home will not qualify for the exception to the 10% excise ...
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| Witholding medical insurance payments | 7/25/2008 | Shirley McAllister, CPP, PHR |
Q: My employees recently started receiving medical and dental benefits, and have to pay for their ...
A: I am not that familiar with Quick Books as I use Oracle. I have in my system the insurance withheld ...
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| Payroll for company officer | 7/25/2008 | Shirley McAllister, CPP, PHR |
Q: I work for a small S-Corp. The company has three partners, but two of these partners are paid by ...
A: I have seen this both ways. Sometimes the corporate officers are paid by draws from the company ...
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| Salary and Hourly at the same time | 7/24/2008 | Shirley McAllister, CPP, PHR |
Q: I am a part-time paralegal for a midsize law firm. I am a w-2 employee, 100% billable,only work when ...
A: Leslie, You will be working two different positions for the same company. They would need to ...
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| pension/hardship withdraw | 7/24/2008 | Allen |
Q: I am a recently divorced mom to 3 kids. My ex works for Mayo Clinic and has for the entire marraige. ...
A: Sorry to hear about your problems. The 20% that is withheld is a legal requirement. They must ...
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| Payroll | 7/23/2008 | Shirley McAllister, CPP, PHR |
Q: My boss told the staff today, 9 days before payday, that he is changing payroll weeks and we would ...
A: Trish, As a courtesy I give my employees 30 days notice of any changes in payroll procedures. ...
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| More acronyms: S, Sign, L/H | 7/22/2008 | Arthur Naman |
Q: it is Patricia again... I wonder if you can help me with other acronyms. They appear in the ...
A: I would agree that "L/H" probably means leasehold. "Sign" might mean simply a sign as advertisement ...
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| Acronyms (CIP and FF) from a Chart of Account | 7/21/2008 | Arthur Naman |
Q: I'm translating a chart of accounts into Spanish and have a couple of acronyms unknown to me... CIP ...
A: CIP = abbreviation for construction in progress or construction in process. There are capital assets ...
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| Chart of account - acronyms | 7/21/2008 | Carlton Johnson, LPA, MFP, ABA |
Q: Carlton I'm translating into Spanish a chart of account and it has so many acronyms and ...
A: Hola Patricia, The chart of accounts can be an excellent Rosetta Stone into understanding a company ...
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| Payroll and balance sheets | 7/19/2008 | Arthur Naman |
Q: "How does payroll affect the balance sheet -- when the expense is incurred and paid in the same ...
A: If all payroll taxes are paid in the same period in which the payroll expenses are incurred, there ...
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| Payroll and balance sheet | 7/19/2008 | Carlton Johnson, LPA, MFP, ABA |
Q: How does payroll affect the balance sheet -- when the expense is incurred and paid in the same ...
A: The answer can be found in the journal entries that are made for payroll: Debits are made to ...
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| sign on bonus out of payroll or accounts payable? | 7/17/2008 | Shirley McAllister, CPP, PHR |
Q: Our company pays a sign on bonus to new employees. They typically receive the bonus about 6 months ...
A: Moving expenses are fine to come out of Accounts Payable with receipts. If the company actually pays ...
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| sign on bonus out of payroll or accounts payable? | 7/17/2008 | Shirley McAllister, CPP, PHR |
Q: Our company pays a sign on bonus to new employees. They typically receive the bonus about 6 months ...
A: Patrick, They are not paid as employees until six months after they are hired by your company. ...
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| Salary | 7/16/2008 | Carlton Johnson, LPA, MFP, ABA |
Q: can a salary worker be duducted from their paycheck if they take a half a day. or does the salary ...
A: Yes, if salaried worker has missed those days unexcused by paid-time-off (vacation, FMLA, etc.) then ...
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| 1099 status | 7/16/2008 | Shirley McAllister, CPP, PHR |
Q: I have been working from home for a company for a few years now. I have been filig as a 1099; ...
A: What type of settlement you get if you are found to be an employee instead of an independent ...
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| 1099 status | 7/15/2008 | Shirley McAllister, CPP, PHR |
Q: I have been working from home for a company for a few years now. I have been filig as a 1099; ...
A: The IRS has established a 20-point checklist the can be used as a guideline in determining whether ...
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