| Subject | Date Asked | Expert |
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| Deceased Parent's Pension Plan | 10/13/2008 | Allen |
Q: My father passed away earlier this year, and was not married at the time of his death. I am his ...
A: I believe the plan administrator is correct regarding the transfer to an inherited IRA. In all ...
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| Profit Sharing Plan | 10/10/2008 | Allen |
Q: I've been working a second job for the past 10 years - at present I work about 7 hours a week, but ...
A: There is a good reason why you can't get the answer from the websites. There is no general answer to ...
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| Employer taxes for 1099 | 10/6/2008 | Arthur Naman |
Q: If I issue 1099 MISC to contractors , as an employer do I need to file 941, 940 and State ...
A: The payroll forms 941, 940, and the state equivalents are required for employees, not independent ...
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| pension | 10/6/2008 | Allen |
Q: I have heard that if a person is working for a company with a pension plan that they need only 3 ...
A: I believe you may be confusing two concepts - eligibility and vesting. Eligibility refers to how ...
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| CalSTRS | 10/4/2008 | Allen |
Q: We have a CalSTRS 403B plan which is invested 100% in Citi Institutional Liquid Reserves. We were ...
A: This sounds like a money market account which is invested in very short term debt instruments. Since ...
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| Accurred sick time | 10/3/2008 | Shirley McAllister, CPP, PHR |
Q: I was recently terminated from my job of 7 years for allegations made by my neice's husband. The ...
A: They only have to pay you for the time if the following is true: They have promised to pay it upon ...
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| Payroll- Bi-monthly | 10/2/2008 | Shirley McAllister, CPP, PHR |
Q: My husband was just switched to a Bi-Monthly payroll, being piad on the 1st and the 15th. the ...
A: They should not miss out on any time during the year. They would just be paid more each pay period. ...
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| Profit/Income draw by Partners | 10/2/2008 | Shirley McAllister, CPP, PHR |
Q: Shirley, Hi. First thank you for making you time and talents available to me a perfect stranger. ...
A: You should have an owner's draw account. This account SHOULD be negative as a result of writing a ...
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| CA, Paydays | 9/28/2008 | Shirley McAllister, CPP, PHR |
Q: My employer has paydays on the 1st and the 15th of each month. I works in the field as a technician ...
A: First of all the employer does not have to pay you to go pick up your check. You do have some other ...
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| Financial Accounting | 9/28/2008 | Arthur Naman |
Q: Sir, I'm a student of MBA with major as Human Resource Management. The question I'm going to ask you ...
A: So, what question do you have?? I you do the research about this topic including all the topics ...
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| Imputed income | 9/27/2008 | Arthur Naman |
Q: I recently began receiving my insurance benefits at work and was surprised to see around twice the ...
A: First, I am not sure a domestic partner can qualify as a dependent. I have not reviewed the relevant ...
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| FSA - Discriminatory Testing | 9/26/2008 | Shirley McAllister, CPP, PHR |
Q: Do you know where can I find a worksheet or instructions to perform the 2 kinds of discriminatory ...
A: I have the instructions for the discrimination testing. I am not sure how much you need and how to ...
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| Receivables paid directly to suppliers | 9/26/2008 | Arthur Naman |
Q: If a receivable amount due from a customer to me is paid directly to one of my suppliers, what asset ...
A: Since no funds were received by you, nor paid out by you, there should be no entry to a ...
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| profit sharing 401k | 9/26/2008 | Allen |
Q: I established a profit sharing 401k plan for my C-corp. I am the sole owner/employee. (a)I need to ...
A: Answers to your questions: a. I believe the "insurance" you are referring to is a fidelity bond. ...
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| single member payroll? | 9/23/2008 | Arthur Naman |
Q: I'm setting up a single member LLC in QuickBooks. I'm not sure how to expense out money like payroll ...
A: If the LLC is incorporated, then payments of wages to the owner/employee are just like wages paid to ...
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| Accounting for signing on bonuses | 9/17/2008 | Shirley McAllister, CPP, PHR |
Q: Our company pay sign on bonuses with conditions that if you leave before say lapse of xyears, you ...
A: At the time the bonus is paid it is considered wages. It is expensed at that time, the whole bonus. ...
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| Rollover from 401(k) to Roth IRA | 9/15/2008 | Allen |
Q: Allen, My company's 401(k) is with Fidelity. I have six stock mutual fund options, two bond fund ...
A: Your contributions can only be moved out of the plan and into an IRA under the following ...
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| qdro | 9/14/2008 | Allen |
Q: I HAVE A QDRO IT SAYS I CAN START MONTHLY BENEFIT 2016 OR WHEN MY EX HUSBAND RETIREMENT BUT WHAT IS ...
A: Please reread my answer. You and your ex husband will be receibving a lifetime pension. If he dies ...
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| qdro | 9/12/2008 | Allen |
Q: I HAVE A QDRO IT SAYS I CAN START MONTHLY BENEFIT 2016 OR WHEN MY EX HUSBAND RETIREMENT BUT WHAT IS ...
A: A 5 year certain and life annuity makes payments as long as the annuitant lives. If he dies before ...
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| payroll | 9/11/2008 | Shirley McAllister, CPP, PHR |
Q: my name is brian, and i got a question for you. my company pays us on the 1st and the 15th of each ...
A: The company needs to give a notice to the employees before any work is done under the new changes. ...
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| payroll cut off days | 9/11/2008 | Shirley McAllister, CPP, PHR |
Q: my name is Brian and i got a question for you. i work for an air forwarding company and we get payed ...
A: Brian, The company should have regular paydays and regular cut off periods. It is only allowed to ...
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| periodic inventory system | 9/8/2008 | Arthur Naman |
Q: Explain why a small business such as this might use the periodic inventory system.(mountain mabel's ...
A: Many businesses cannot track a specific individual inventory item, rather inventory is tracked by ...
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| Help with $ | 9/8/2008 | Shirley McAllister, CPP, PHR |
Q: Hey Shirley, greetings from a fellow AllExperts expert! Had a quick question I was hoping you might ...
A: Just to start out with you could hire a Full Charge Bookkeeper to do those things. If you have ...
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| 5500 & 5500EZ "Total Plan Assets" | 9/7/2008 | Allen |
Q: For years my CPA has been taking the previous 5500's "Total plan assets" end-of-year balance, ...
A: It also doesn't make sense to me. In most cases the beginning of the year assets will be the same ...
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| payroll change from nonexempt to exempt | 9/4/2008 | Shirley McAllister, CPP, PHR |
Q: I recently changed from an hourly non exempt position to a new dept, new job desc that is a salaried ...
A: Welcome to the salaried exempt world. Sometimes we work 50 hours a week and we are not paid ...
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| salaries | 9/4/2008 | Shirley McAllister, CPP, PHR |
Q: sorry if its homework question. I'm new in HR and doing payroll my husband just opened a store so ...
A: The 195 comes from this formula: 52 weeks in a year X 45 hours in a week is equal to 2340 in a year ...
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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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