| Subject | Date Asked | Expert |
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| payroll for 2 states | 11/18/2008 | Arthur Naman |
Q: I am starting to do the payroll for a Florida based LLC. There are currently 6 employees, 2 ...
A: Sorry I have taken so long to get back to you. My understanding is that payments of employee ...
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| 401 Deduction | 11/18/2008 | Allen |
Q: Employee retiring 12-01-08 wishes to have 10,000.00 of the annual leave pay out contributed to the ...
A: Answer to your questions are maybe and maybe. Sorry to not give you a good answer because it ...
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| profit sharing plan | 11/15/2008 | Allen |
Q: I WAS RECENTLY LAID OFF MY JOB,I'M CASHING OUT MY PLAN WITH A 20% TAX WITHHOLDING MY QUESTION IS ...
A: Unfortunately, I believe boss is correct. It sounds like you're money is invested in what is known ...
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| Pension | 11/14/2008 | Allen |
Q: Aloha! This question is for my dad. He is 60 and wants to take out his pension. His company said ...
A: It probably is legal. It all depends on the terms of the plan. Some plans allow what are known as ...
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| 401K, withdrawing | 11/14/2008 | Shirley McAllister, CPP, PHR |
Q: I have a 401K through work, I am fully vested and I have been told you can start drawing from it ...
A: It depends on how your plan is written, contact your 401K administrator. The government rules are ...
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| Switch to 24 pay periods from 26 | 11/12/2008 | Shirley McAllister, CPP, PHR |
Q: I work for a non profit. In an effort to ease our cash flow, we are contemplating switching from 26 ...
A: Since you are already holding a few days back this will not be complicated for you. You say your ...
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| 401k deductions | 11/11/2008 | Shirley McAllister, CPP, PHR |
Q: My employer has failed on numerous occasions to deposit my 401k deduction into my account. They ...
A: Sometimes mistakes happen. This is natural. It should not happen all the time. With Calculated ...
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| Common Paymaster agreement | 11/10/2008 | Shirley McAllister, CPP, PHR |
Q: I understand the rules and forms necessary to apply with the state in order to become a common ...
A: Common paymaster is something which would be covered under state law and also the taxation under the ...
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| withdraw hardship pension | 11/8/2008 | Allen |
Q: my plant closed down the whole textile company in feb.i stillhave not got a job WHY can i not ...
A: PBGC will pay the pension in the same form and at the same time as it would have been paid had you ...
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| 401k loan non-payment by org/emp | 11/7/2008 | Shirley McAllister, CPP, PHR |
Q: I had 2 separate laons to my 401k in 2005. Last month, my controller mentioned that no payments ...
A: The company should work with you on this, however, it is the responsibility of the employee to make ...
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| Salaried Exempt Emp | 11/6/2008 | Shirley McAllister, CPP, PHR |
Q: Can a salaried exempt emp call in on a day (Mon), work 35 hrs for the remainder of that week, chose ...
A: Exempt employees need to be paid for all time worked in a week. If they are gone for a whole day for ...
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| follow up question | 11/3/2008 | Allen |
Q: I just have one more question that I would like your advice on. My previous employer had a defined ...
A: There is no exact answer to the question about how long it should take. The plan termination is an ...
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| Payroll | 10/31/2008 | Shirley McAllister, CPP, PHR |
Q: Our payroll cut off dates are 10th & 25th of each month and get paid on the 15th and 31st, my boss ...
A: When figuring overtime you do not go by the pay periods. You must go a week at a time. Overtime is ...
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| Payroll taxes and pensions | 10/29/2008 | Shirley McAllister, CPP, PHR |
Q: my question is we are a company of 3 people and I we never had benefits calculated from our payroll. ...
A: It depends on what type of pension plan you have. If your pension plan is under the 401(K) or the ...
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| Withdrawal from 401(k) | 10/29/2008 | Allen |
Q: I'm retired (age 66) and am contemplating purchasing a mobile home to be my permanent residence and ...
A: When you withdraw money from the 401k it is taxable income and you pay federal income tax on the ...
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| Pension Payout | 10/29/2008 | Allen |
Q: I am receiving two pension payouts at age 60 beginning next year. They give me two options: (A) LIFE ...
A: The life annuity pays you a certain amount each month as long as you live. The 10 year certain ...
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| 1099/W2 | 10/29/2008 | Shirley McAllister, CPP, PHR |
Q: Is it legal for an past employer to W2 you for a specific year then turn around and 1099 you for the ...
A: If the W-2 was for wages earned and the 1099 was for the civil suit than it is correct. Even if ...
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| moving average cost method | 10/29/2008 | Arthur Naman |
Q: How should I calculate average cost during purchase return or sales return Perpetual system Average ...
A: This is not the forum for homework questions, please do your homework. The answer is: search using ...
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| Elgibility for Widow's pension | 10/28/2008 | Shirley McAllister, CPP, PHR |
Q: My husbank of 22 years is deceased in 2003. His name was Frank Hopkins, his plan # is ...
A: I do not know why Social Security would send you to me, I would normally send you to them to answer ...
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| a/r aging | 10/28/2008 | Arthur Naman |
Q: what is the correct way to age an account. is it from the date of service or the date of payment ...
A: An accounts receivable is incurred at the time of the sale. So normally the A/R would "begin" on ...
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| How to calculate average cost during purchase return and sales return in Moving Average Cost Method. | 10/27/2008 | Arthur Naman |
Q: Moving Average Method Product A/c No 101 Supplier A/c No 201 Cash A/c No 102 Product Profit ...
A: Moving average cost means an inventory costing method under which an average unit cost is computed ...
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| Pension and taxes | 10/27/2008 | Allen |
Q: I will be retiring next month. I know my pension will be taxed, but can you tell me how the taxes ...
A: In most instances any money you receive from a pension or 401k will be taxed as ordinary income. ...
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| Annual Salary | 10/23/2008 | Shirley McAllister, CPP, PHR |
Q: My company (in South Carolina) pays us bi-weekly, 26 times a year. They have changed the amount they ...
A: This is not right unless there are 27 paydays in the year. This is not a year when there are 27 ...
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| 401K contributions after employee termination | 10/22/2008 | Allen |
Q: My position has been eliminated and my employer has terminated my 401K contributions from my final ...
A: You should have been able to make a 401k contribution from your final regular salary check. However, ...
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| accounting | 10/22/2008 | Arthur Naman |
Q: The Ritz Manor is a popular seaside resort. A double room costs $220 for one night. In order to ...
A: This sounds like a homework problem. If so, please do your own homework. If that is not the case, ...
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| Pay owner as employee or as a draw | 10/20/2008 | Shirley McAllister, CPP, PHR |
Q: I joined an existing owner in a cafe startup. The business is registered under an existing company ...
A: Until you form a partnership you are not listed as a co owner and not eligible for a draw against ...
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| lump sum distributions | 10/18/2008 | Allen |
Q: I am 54 yoa, I will retire in Jan. 2009. I will receive approx. $80,000 from my employer in ...
A: This is taxable income and it will be treated like any other salary payment received in 2009. If ...
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| Employee Bonus & Taxes -add'l | 10/17/2008 | Arthur Naman |
Q: My company is a non-profit senior community center. Our leadership team would like to pay one time ...
A: Payroll taxes are *not* an option, they are mandatory. An alternative, however, is to "gross-up" ...
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| work over 40 with PTO, no overtime paid? | 10/16/2008 | Shirley McAllister, CPP, PHR |
Q: Unlike some men I know. We work for a company based in CT/Germany, but contract to and work for a ...
A: This is how it works. Non Exempt employees are paid overtime under the FLSA Act for all hours worked ...
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| adjusting journal entry | 10/15/2008 | Arthur Naman |
Q: i am having trouble figuring out the amount to debit and credit to certain accounts. Victor hast two ...
A: Your scenario is vague, not clear. I presume your are asking about the salary expense at Dec. 31, ...
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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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