[Anonymous]

I am going on in interview tomorrow and I was told by the recruiter I will be given a quick “benefits” test. Can anyone tell me what she was alluding to and if I could quickly review for this? I passed the CPA exam and all I can think of is to look over tax accounting for IRAs and such. What else am I missing?

HELP!

[Texas CPA]

What is excluded from taxable income and what is not? Life insurance is not. Health insurance is. 401K deductions are. Short term disability premiums are not. Flexible spending for medical deductions up to 2500 per family are. Flexible spending for day care(not sure on those rules)

Insurance premiums paid by the employer for over 50K of coverage is taxable to the employee for fed w/h and FICA.

Take home vehicles – de minimis use not taxable. Company vehicles taxable for personal use. How to calculate the taxable portion. There are two or three methods. IRS.com has guidelines.

From a company standpoint, when do you accrue sick pay or vacation pay. See your FAR lectures.

You can look up Publication 525 on IRS.GOV

Reg - Passed 82 Nov 2012 - Becker
Aud - Passed 86 May 2013 - Becker
BEC - Passed 88 Aug 2013 - Becker
FAR - Passed 88 Nov 2013 - Becker

https://www.becker.com/cpa-review

Texas CPA

[Texas CPA]

What is excluded from taxable income and what is not? Life insurance is not. Health insurance is. 401K deductions are. Short term disability premiums are not. Flexible spending for medical deductions up to 2500 per family are. Flexible spending for day care(not sure on those rules)

Insurance premiums paid by the employer for over 50K of coverage is taxable to the employee for fed w/h and FICA.

Take home vehicles – de minimis use not taxable. Company vehicles taxable for personal use. How to calculate the taxable portion. There are two or three methods. IRS.com has guidelines.

From a company standpoint, when do you accrue sick pay or vacation pay. See your FAR lectures.

You can look up Publication 525 on IRS.GOV

Reg - Passed 82 Nov 2012 - Becker
Aud - Passed 86 May 2013 - Becker
BEC - Passed 88 Aug 2013 - Becker
FAR - Passed 88 Nov 2013 - Becker

https://www.becker.com/cpa-review

Texas CPA

[Texas CPA]

Also, if this involves payroll, you might review Circular E(Publication 15).

Reg - Passed 82 Nov 2012 - Becker
Aud - Passed 86 May 2013 - Becker
BEC - Passed 88 Aug 2013 - Becker
FAR - Passed 88 Nov 2013 - Becker

https://www.becker.com/cpa-review

Texas CPA

[Texas CPA]

Also, if this involves payroll, you might review Circular E(Publication 15).

Reg - Passed 82 Nov 2012 - Becker
Aud - Passed 86 May 2013 - Becker
BEC - Passed 88 Aug 2013 - Becker
FAR - Passed 88 Nov 2013 - Becker

https://www.becker.com/cpa-review

Texas CPA

[Author]

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