2021 Limits Flashcards
1
Q
One Day rule for tax deposits
A
Minimum 100,000
2
Q
Federal wage
A
Minimum $7.25
3
Q
FUTA Taxable Base
A
Max $7000
4
Q
SS Wage Base
A
max 142,800
5
Q
SUTA Taxable Base
A
Minimum $7000
6
Q
Health Care FSA
A
Maximum $2,750
7
Q
457
A
Maximum $19,500
8
Q
ER FICA
A
Maximum 6.2%
9
Q
Non Taxable Life Insurance Employee
A
Maximum $50,000
10
Q
Mileage
A
Max rate $0.56
11
Q
FUTA Credit
A
Maximum 5.4%
12
Q
403B
A
Maximum $19,500
13
Q
Parking
A
Maximum $270/month
14
Q
Child care FSA
A
$5000 Maximum
15
Q
Employer Social Security Rate
A
Max 6.2%
16
Q
Monthly Depositor
A
max: $50,000 or less
17
Q
Amount or % for a garnishment
A
max: $217.50 or 25%
18
Q
Backup withholding
A
Max: 24%
19
Q
Effective FUTA Rate
A
Max 0.60%
20
Q
Transit
A
Max: $270/month
21
Q
Medicare Rate
A
max: 1.45%
22
Q
Non-taxable Life Insurance Spouse
A
Max: $2000
23
Q
401K
A
Max: $19,500
24
Q
Semiweekly depositor
A
Minimum: more than $50,000
25
Tax % on Supplemental Wages
Max: 22% or 37%
26
% for Support Payments
Max: 50%/60% or 55%/65%
27
Amount per Exemption (yearly)
Max: $4,300
28
Simple Plan
Max: $13,500
29
Tip Credit
Max: $5.12
30
IRS Fuel Rate
max: .055
31
Non Job-Related Education
Max: $5,250.00
32
Employee Max Social Security Taxes Withheld
Max : $8,853.60
33
Bicycle Commuting
Not available 2018-2025, was $20/month
34
Per Diem High Cost
Max: $292/$71 for meals
35
Per Diem Low Cost
Max: $198/$60 for meals
36
Tax % on Supplemental Wages over 1,000,000
Max: 37%
37
Adoption Assistance per eligible child
Max: $14,440
38
Dependent Care Assistance Program
Max $5000
39
Catchup for 401k, 403b, 457
max additional $6,500
40
IRA
Max: $6000
41
Federal Wage for tipped employees
Minimum: $2.13
42
Federal wage for new hires under 20 for first 90 days
Minimum: $4.25
43
Catchup for a SIMPLE plan
Max: $3000
44
Employer Max Social Security Taxes Withheld
$8,853.60
45
IRA Catchup
Max: $1000
46
Full FUTA tax rate
Max: 6%
47
Commuting Valuation Method each way
Max: $1.50
48
Maximum Fair Market Value of a Car can not exceed when using the cents per mile
$51,100
49
To be classified as a tipped employee
Minimum $30/month
50
Tips reported to employer on form 4070
Minimum $20 or more per month
51
Reporting payments on 1099-MISC
Minimum: $600.00
52
Exempt employee's weekly compensation
Minimum: $684.00
53
Exempt computer employee's hourly rate
Minimum: $27.63
54
To be exempt under the highly compensated
Minimum: $100,000.00
55
Mileage for moving expenses (applies to military personnel only)
Max Rate: $0.170
56
Outside Sales Employees
No Salary Test
57
Annual Amount for Exempt
Minimum: $35,568.00
58
Foreign Earned Income Exclusion
Max: $108,700
59
Tax Free Loans to Employees
Max: $10,000
60
Qualified Service of Safety Awards
Max: $1600 and avg $400
61
AEIC
No Max
62
Deposit shortfall rule
Max: Greater of $100 or 2%
63
Small Employer Deposit
Max: $1000
64
Employee Social Security
Max Rate: 6.2%
