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Accounting, Payroll & Pension Issues/Questions Answered by Expert Vanessa D. Powell, CPA
| Subject | Date Asked |
| 1099 misc. taxes | 2/8/2011 |
| Q: I will need to file a 1099 misc. total income was 2000.00. How much taxes would I need to pay on ... A: It's not just about your income. Your tax situation includes deductions, refundable credits, ... | |
| guaranteed payments capitalized as start up costs for LLC | 2/7/2011 |
| Q: Vanessa, I was a member of an LLC for 3 years. We had a legal dispute that was recently resolved. ... A: Unfortunately, it sounds like you're confusing your personal income taxes with those of the LLC as ... | |
| 1099 misc. taxes | 2/6/2011 |
| Q: I will need to file a 1099 misc. total income was 2000.00. How much taxes would I need to pay on ... A: The amount of tax on that 2,000 depends on far too many variables for me to be able to give you a ... | |
| will payroll change to biweekly hurt my 401k | 2/1/2011 |
| Q: My company is changing from a weekly pay to biweekly. Since they will be holding one week's pay ... A: Not really. The difference is miniscule, and balances out in the long-run. For instance, you might ... | |
| Form 1120 entry | 6/11/2010 |
| Q: As the owner of a c-corp, though currently unsalaried, I recently opened a business checking account ... A: You should record the $500 as an equity adjustment, not income. Probably additional paid-in ... | |
| Journal Entry | 4/23/2010 |
| Q: I've got a question regarding fixed assets. I just started working for a company and they don't ... A: There isn't really a "correct" journal entry here, since the company should be depreciating their ... | |
| Pension & taxes | 12/31/2009 |
| Q: I am planning on retiring in July '10 (age 58) and my pension should amount to approximately ... A: The brokerage that holds your pension should withhold tax for you. If they don't, or if you want ... | |
| C Corp disbursements | 12/28/2009 |
| Q: Vanessa - My partners and I are small company owners - share holders - and employees - we are always ... A: What you describe is a kind of "middle-of-the-road" method to paying officers. There are three ... | |
| employee 401K loan payment | 12/20/2009 |
| Q: employee made loan from her 401K and paying back certain amount in each pay period, we are doing ... A: For the first situation, the entry would be the same as any other payroll withholding. For the ... | |
| Owner's Drawing Account | 12/18/2009 |
| Q: I work for a small LLC company we file taxes as a C corporation. My boss was receiving a salary but ... A: Hm. Something is fishy. If there is an owner draw account, then it's not a corporation. But you ... | |
| Owner's Drawing Account | 12/18/2009 |
| Q: I work for a small LLC company we file taxes as a C corporation. My boss was receiving a salary but ... A: Something doesn't add up. If it's an LLC organized like a C-Corp, then there is no such thing as an ... | |
| Group Term Life Insurance Fringe Benefit | 12/14/2009 |
| Q: I have a question on the fringe benefit of Group Term Life insurance. Unfortunately, when I ... A: First of all, let me say that I don't envy your position. I've been there myself, and not only is ... | |
| Bonus check tax withholding | 12/10/2009 |
| Q: I am receiving a end of the year bonus check incentive for my work performance. I have received ... A: If your previous employer was giving you bonuses without taxing them, then they were breaking the ... | |
| Recoverable Draw/PTO Repayment-Gross Versus Net? | 10/31/2009 |
| Q: My former employer (I voluntarily resigned), paid me 2 months worth of recoverable draw which ... A: I agree with your CPA. They need to either pay you back all of the taxes and THEN bill you for the ... | |
| Withholding Payroll | 10/29/2009 |
| Q: Vanessa, Thanks for answering my question on the 24th concerning payroll withholding.I have not yet ... A: I'm not sure. I would check with your state's labor board website. Search for withholding pay. ... | |
| Sick Leave Pay | 10/28/2009 |
| Q: Most of the hourly employees in my organization work flexible work schedules because their ... A: Not generally, no. Although some companies I've worked with will allow the employee to be paid the ... | |
| CPA | 10/27/2009 |
| Q: How important do you think it is to get your CPA? I am going to be graduating next semester and I ... A: Your CPA license is by FAR more important than any masters program. As for your 150 hours, it ... | |
| labor law, compensation | 10/26/2009 |
| Q: Is it legal to schedule one employee to work more days, and hours for the same pay as other ... A: Unless there are some special rules for pilots (which I don't have much experience with), yes, it is ... | |
| withholding payroll | 10/24/2009 |
| Q: I am a salaried employee of a large corp. After 30 years of service the company decided to change ... A: I'm not entirely sure what's going on here. Why do they want to withhold 2 weeks pay? That makes ... | |
| Benefits Programs | 10/20/2009 |
| Q: It is my impression that federal law requires that employee benefits programs for any classification ... A: While it's a little more complicated than that, your basic premise is correct. ERISA (Employee ... | |
| HR-10 Keogh | 10/11/2009 |
| Q: I have an embarrassing question. I'm a financial adviser, and I don't know how to pronounce "Keogh." ... A: This is the most fantastic question I have ever received in my inbox. Thank you for the smile! ... | |
| inhouse pension plan accounting | 10/8/2009 |
| Q: Our small business (5 employees) has a 401K profit sharing plan. All annual reporting is completed ... A: For a small company, the easiest thing to do is to merge your payroll and pension functions. ... | |
| paying yourself from LLC | 9/24/2009 |
| Q: When paying yourself, what account to you put it under? A: It depends on a couple of things. If the LLC is organized as, essentially, a partnership (the most ... | |
| Payroll | 9/22/2009 |
| Q: I wanted to know which is best. I generally let new employees wait a week and a whole before they ... A: The standard way to handle this is the pay all employees (including new ones) one week behind. So, ... | |
| LLC and Payroll | 9/4/2009 |
| Q: I am the sole owner of an LLC. We are just starting to make profits. How much draw or salary should ... A: As the sole member of an LLC, you will complete your tax returns as if you were a sole proprietor. ... | |
| QuickBooks Payroll & withholding | 9/4/2009 |
| Q: I am new to doing payroll with QuickBooks. I have noticed that sometimes some employees will have no ... A: Federal income tax withholding is subject to the employees' W-4s. In order to find our whether or ... | |
| Early withdrawal from pension or 401k | 9/1/2009 |
| Q: I am 47, live in Texas and recently lost my job. I see know options other than to take an early ... A: That really depends on the type of pension- they can vary widely. But, if you held the job where ... | |
| 401K loan repayment | 8/1/2009 |
| Q: My company paid a 401K loan repayment in default of $1,000 from the bank account for a partner. The ... A: Okay, this gets confusing because of all the liabilities back and forth and cross-wise. Here's the ... | |
| Pension rights and laws of california | 8/1/2009 |
| Q: i work in a union from 2004 - 2006 i had a pension plan with the union that was in the amount of ... A: Your rights depend on whether or not that money was actually yours at any point. In other words, ... | |
Accounting, Payroll & Pension Issues
Answers by Expert:
Vanessa D. Powell, CPA
Top Expert on this page
Expertise
I am experienced with general bookkeeping, payroll, journal entries, adjusting entries, all types of pension accounting, compliance issues, ERISA, benefit plan auditing, financial statements, payroll tax, Form 5500, retirement planning, and related issues. Please no homework questions. Only US accounting, please.
Experience
I am a CPA in Southern CA. I audit not-for-profit organizations, corporations, and employee benefit plans for the large accounting firm I work for, as well as performing other attest services, planning, and tax services.
Organizations
California Society of CPAs, American Institute of Certified Public Accountants
Education/Credentials
Licensed CPA in the state of CA. Graduated summa cum laude from Colorado Technical University. In order to keep my license, I take 80 hours of CPE every two years. Much of it in the field of accounting, auditing, and employee benefit plans.
Awards and Honors
Graduated summa cum laude (with highest honor).
Past/Present Clients
I have clients from all over the world, in nearly every industry. Most of my audit clients are employee benefit plans and not-for-profit entities. Most of my compilation engagements are manufacturing, agriculture, and construction.
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