| Subject | Date Asked | Expert |
|
| payroll deductions | 1/2/2009 | Shirley McAllister, CPP, PHR |
Q: I am switching payroll service from Paychex to doing it myself in QB. Our company offers dental ...
A: Section 125 is the law that covers Cafeteria Plans. The company needs to set up a cafeteria plan ...
|
| 401K deduction from my payroll | 1/2/2009 | Shirley McAllister, CPP, PHR |
Q: I recently went to work for a firm in Ohio and received a lot of literature concerning their 401K ...
A: If the program is voluntary it means you have a choice whether or not you wish to sign up for the ...
|
| salary shortage due to pay period change | 1/1/2009 | Arthur Naman |
Q: 2008 Salary $76,000.00 biweekly pay 26 weeks. Friday payday April 18th 2008 was last paycheck ...
A: I am not aware of any accounting standards, payroll standards or anything else to support your ...
|
| salary shortage due to pay period change | 12/31/2008 | Arthur Naman |
Q: 2008 Salary $76,000.00 biweekly pay 26 weeks. Friday payday April 18th 2008 was last paycheck ...
A: If your annual salary is $76k, meaning no raises, bonuses, etc., then that's what it should be. It ...
|
| 401B | 12/31/2008 | Shirley McAllister, CPP, PHR |
Q: My husband works for a non-profit in Ohio. They used to have a Management Retirement PLan (401B) ...
A: They are simply wanting to know if you terminate employment do you want the amount paid out in a ...
|
| PTO and holiday hours | 12/29/2008 | Shirley McAllister, CPP, PHR |
Q: Our office was closed for a half day on Christmas Eve and ab employee called in sick. do I pay her ...
A: Did you pay the other employees for the 1/2 day? If so than pay her 4 hours holiday and 4 hours PTO. ...
|
| deferred compensation | 12/28/2008 | Shirley McAllister, CPP, PHR |
Q: We have a client who is going to be paid a deferred comp plan of $100,000 per year for the next 10 ...
A: If he is paid over 10 years than it should be taxed over 10 years. You cannot take out all the taxes ...
|
| Benefit Payment for Leave of Absence Employee | 12/20/2008 | Shirley McAllister, CPP, PHR |
Q: Shirley, What's the payroll tax treatment for benefit payment made by employee on leave of absence? ...
A: If they leave the company and do not pay it back than you can take them to small claims court to ...
|
| Obsolete inventory accrual | 12/19/2008 | Arthur Naman |
Q: We accrue for obsolete inventory every month. Now at year-end we are actually writing off some ...
A: No, I do not believe you do not have to have an accrual balance on the books at year end. The ...
|
| changing from 26 to 24 pay periods (salaried employees) | 12/18/2008 | Shirley McAllister, CPP, PHR |
Q: Our company just notified us that they are changing from 26 to 24 pay periods per year starting ...
A: The paycheck paid for 12-20th the 26th paycheck of the year completed your annual salary. That means ...
|
| Benefit Payment for Leave of Absence Employee | 12/16/2008 | Shirley McAllister, CPP, PHR |
Q: Shirley, What's the payroll tax treatment for benefit payment made by employee on leave of absence? ...
A: When the employee returns set up a payment plan for the owed benefits. You need to set up a ...
|
| Alcohol treatment for employee | 12/13/2008 | Shirley McAllister, CPP, PHR |
Q: I have a small law firm. One of our attorney employees entered an substance abuse treatment program ...
A: It would make a difference. You could pay the treatment as an accommodation of the ADA (American ...
|
| one question | 12/13/2008 | Shirley McAllister, CPP, PHR |
Q: when they talk about accounting system and financial system, what they refer to? thanks
A: Accounting and financial systems could be referring to the way the company accounts for it's cash. ...
|
| Withholding State Taxes | 12/12/2008 | Shirley McAllister, CPP, PHR |
Q: Construction Company, Located in Minnesota. Does Work in North Dakota, Minnesota and surrounding ...
A: The withholding is for the state where the work is performed. There are some Reciprocal agreements ...
|
| solo 401(k) contributions | 12/11/2008 | Allen |
Q: I am self employed and I receive a mixture of W-2 and 1099 earned income. My W-2 income comes from ...
A: In responding, I am assuming the following: 1. Your 1099 income comes from a business that is ...
|
| 401K | 12/10/2008 | Allen |
Q: Good morning, I have a question's about 401k. I had a 401k with my last company which as of ...
A: Regarding your first question - The answer depends on where you will get a better investment return. ...
|
| CPA Certification required | 12/10/2008 | Shirley McAllister, CPP, PHR |
Q: I am currently in school and have tooken a couple of accounting classes, but still have a long way ...
A: No a CPA certification is not required to prepare taxes. You would need to be certified to prepare ...
|
| life insurance | 12/9/2008 | Shirley McAllister, CPP, PHR |
Q: What portion of life insurance is taxable to the employee? ANSWER: In the US it is anything over ...
A: It is different for different types of life insurance. For Group-Term life insurance which is the ...
|
| borrowing against pension to buy home | 12/6/2008 | Allen |
Q: Someone mentioned that us union carpenters may borrow or get pension money early to purchase a home ...
A: Some pension plans allow a participant to borrow from the plan. If the value of your benefit is ...
|
| vested pension | 12/4/2008 | Allen |
Q: I was laid off by AT&T in 1988 with 16 years of service. I have some vested pension benefits that ...
A: I don't think you have to do anything at this time. If you want to check your status or have other ...
|
| profits | 12/3/2008 | Mike Wellman |
Q: I own an S-Corp, and in addition to payroll, when I need to get cash into my personal account, I do ...
A: The distributions, since they are not deductible, increase the net income of the S Corp and that ...
|
| SIMPLE IRA vs. 401(k) | 12/3/2008 | Allen |
Q: I have 2 small businesses. One is a small web design firm (llc / sole prop) and I use profits from ...
A: Sorry for the delay in getting back to you. One general comment. A SIMPLE is supposed to be adopted ...
|
| Tipping Tip-outs | 12/2/2008 | Shirley McAllister, CPP, PHR |
Q: I am from Michigan. I work for a restaurant and they force the servers to tip-out the bartenders, ...
A: You only need to tip out those that are actually involved in serving the customers. Here are the ...
|
| Is it legal for your job to not give check stubs | 12/2/2008 | Shirley McAllister, CPP, PHR |
Q: My company was brought by another company station in Ohio. They are told us we had to do direct ...
A: It is legal to send the stubs over the computer but each employee must have access to a computer. ...
|
| SIMPLE IRA vs. 401(k) | 12/2/2008 | Allen |
Q: I have 2 small businesses. One is a small web design firm (llc / sole prop) and I use profits from ...
A: It may be worth the extra tax benefit. However in order for me to give you a good answer I would ...
|
| Purchase/payment journals | 11/26/2008 | Arthur Naman |
Q: I currently use a double entry bookeeping system, which is quite new for me. My question is...I ...
A: The first question is whether or not your company needs to track accounts payable, a/p. I am ...
|
| Purchase/payment journals | 11/25/2008 | Arthur Naman |
Q: I currently use a double entry bookeeping system, which is quite new for me. My question is...I ...
A: First, there is no "right" or "wrong" way to record payments. It just depends on what one is trying ...
|
| Pension Years | 11/24/2008 | Allen |
Q: I have an issue. My job was recently eliminated. I am a participant of my employers pension plan. ...
A: I am not a lawyer and therefore can not give legal advice. Saying that, my thinking, for what it's ...
|
| profit sharing plan | 11/24/2008 | Allen |
Q: I WAS RECENTLY LAID OFF MY JOB,I'M CASHING OUT MY PLAN WITH A 20% TAX WITHHOLDING MY QUESTION IS ...
A: There is no simple answer to your question. It all depends on the language in the plan documents. ...
|
| 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: What ever you choose to do regarding payroll taxes and workman's comp, please be confident of your ...
|
| Payroll taxes in 2 States | 11/18/2008 | Shirley McAllister, CPP, PHR |
Q: I am starting to do the payroll for a Florida based LLC. There are currently 6 employees, 2 ...
A: You will have to pay both Florida and Alabama income taxes. The hours worked in Florida will be ...
|
| 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 ...
|
| 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 ...
|
| 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 ...
|
| 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 ...
|
| 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 ...
|
| 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 ...
|
| 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 ...
|
| 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 ...
|
| 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 ...
|
