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As of December 31, 2024, what is the MAXIMUM amount, if any, a 49-year-old employee can contribute to a 401(k) plan?
Comprehensive and Detailed Explanation:
For 2024, the 401(k) contribution limit is:
$23,000.00 for employees under 50 years old.
$30,500.00 for employees 50 and older (includes $7,500 catch-up contribution).
Since the employee is 49 years old, they do not qualify for the catch-up contribution, so the maximum contribution is $23,000.00.
IRS -- 401(k) Contribution Limits for 2024
Payroll.org -- Retirement Plan Payroll Compliance
The due date for filing Form 941 is the:
Form 941 is due on the last day of the month following the end of the quarter.
Example:
Q1 (Jan--Mar) due: April 30
Q2 (Apr--Jun) due: July 31
IRS Form 941 Instructions
The purpose of grossing-up an amount to an employee is to:
Comprehensive and Detailed Explanation:
Grossing up means increasing the payment amount so that the employee receives a specific net amount after taxes are withheld. Employers pay the taxes on behalf of the employee in such cases.
This is commonly used for:
Relocation reimbursements
Bonus payments
Tax equalization for expatriates
Option A is incorrect because grossing up is done to cover taxes, not to determine withholdings.
Option B is incorrect because grossed-up amounts are taxable, not tax-exempt.
Option D is incorrect because grossed-up payments are always taxable.
Formula:
IRS Publication 15 -- Employer's Tax Guide
Payroll.org -- Gross-Up Calculation Methods
Based on the following information, calculate the employee's gross wages for the workweek under the FLSA.
Step 1: Calculate regular wages
40 hours $10.00 = $400.00
Step 2: Calculate overtime wages
10 hours ($10.00 1.5) = $150.00
Step 3: Calculate piece-rate earnings
35 units $5.00 = $175.00
Step 4: Total gross pay
$400.00 + $150.00 + $175.00 = $742.50
FLSA Overtime Calculation Guide (DOL)
When a payer receives a ''B'' Notice, it must send a copy of the notification to the payee within:
A 'B' Notice (Backup Withholding Notice) is sent by the IRS when a payee's taxpayer ID does not match records.
The employer must notify the payee within 30 days to correct their details.
Failure to comply results in backup withholding of 24% on future payments.
IRS Publication 1281 (Backup Withholding Notices)
