ector of Insurance may revoke, suspend, or refuse to issue a producer license for failing to pay all the following EXCEPT: California taxes child support Director-levied civil penalties license renewal f
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The Director of Insurance may revoke, suspend, or refuse to issue a producer license
for failing to pay all the following EXCEPT:
- California taxes
- child support
- Director-levied civil penalties
- license renewal fees
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- The TCJA eliminated which of the following? A) Annual Filing Season Program B) Deduction for qualified employee fringe benefits for transportation C) Due Diligence Requirements D) Deduction for gambling lossesThese provide an employee with financial security upon ceasing employment. A wide variety of these exist, and withholding from gross pay for these plans is a voluntary deduction. The withholding of a portion of an employee's earnings, in compliance with a court order or other legal proceeding. Limited to the lesser of 25% of disposable earnings or the amount of disposable earnings that exceed 30 times the federal minimum wage. A flexible spending account that is designated for a specific purpose. It is a type of cafeteria plan.1. Which of the following items is normally NOT assessable under salaries tax? a. Payment in lieu of notice to an employee who has been dismissed without adequate notice given by the employer. b. Tuition fee paid by an employer for an employee's children, where the employer has entered into the relevant contract with the school directly. c. Reimbursement of medical expenses of an employee by an employer pursuant to the terms provided in the employment contract. d. Lump sum payment to a resigning employee in consideration of his not engaging in the same industry for two years. 2. Henry Ltd is carrying on business in Hong Kong. It acquires funding from various sources in Hong Kong and makes investment in securities listed in overseas markets. Henry Ltd's directors carry out investment analysis in Hong Kong and instruct its overseas agents to execute the orders of purchase and sale in the overseas stock exchange. During the year 2020/21, $10 million profits were derived from…
- . The RIB Act grants the Discipline Committee power to impose penalties on members found guilty of misconduct, which is defined under Section 15(1) of Ontario Regulation 991. Which one (1) of the following acts is NOT defined as "misconduct". Being convicted after October 1, 1981 of a criminal offence or an offence under the Insurance Act. Failure to comply with the RIB Act, Regulations and By-laws. The payment of any referral or finder's fee to an insurance broker registered in the province of Quebec to act as an intermediary for insurance, other than life insurance. The use of any practice or conduct that results in unreasonable delay or resistance to the fair adjustment of claims.The Internal Revenue Service levies a small service fee for employers who utilizes the Electronic Federal Tax Payment System. true or falseHoward Beale, a member, uses Outsource Inc., a third-party service provider, to assist him in furnishing bookkeeping and tax work for his clients. This necessitates Howard Beale disclosing confidential client information to Outsource Inc. Howard Beale is not a California licensee, and he practices outside of California. In addition to informing his clients that he is using a third- party service provider which of the following is required with respect to the release of such information? Prior to using Outsource Inc.'s services, Howard Beale enters into a contractual agreement with Outsource Inc. to maintain the confidentiality of the information, and Howard Beale is reasonably assured that Outsource Inc. has procedures that will prevent unauthorized release of the information. ) Specific client consent is obtained prior to releasing the information to Outsource Inc. ) The client must contact Outsource, Inc. to ensure that their confidential information will not be disclosed. )…
- Since they are NOT an employee, it is solely the responsibility of the independent contractor to report his/her annual compensation to the federal government. True or False?Identify the following statement that is false. a. If an employer is not required to withhold income taxes from an employee’s wages, the wages are not taxable to the employee. b. In certain situations, income tax withholding by an employer is voluntary. c. An employer must deposit with the government an amount of FICA tax that is twice the amount withheld from the employee’s salary (i.e., the employee’s and employer’s shares). d. If an excess amount of FICA is withheld for an employee because the employee has multiple jobs, the employee may claim a credit for the excess amount withheld on his or her income tax return.Which of the following statements regarding workers’ compensation insurance is true? Group of answer choices a. The federal government is responsible for setting workers’ compensation legislation and regulating the program. b. Workers’ compensation insurance includes only rehabilitation expenses. c. Employees are required to bear half of the entire cost of workers’ compensation insurance. d. Workers’ compensation insurance compensates workers who are injured on the job or become ill through work-related causes. e. Employers who file the most claims pay the lowest premiums on the insurance coverage.
- 1. Which of these is NOT a regulation set forth within ERISA? Answer: A. Employees must be provided with pertinent retirement plan information. B. Employers are required to offer retirement plans. C. Fiduciaries of the retirement plan may be held accountable for breaches of responsibility. D. There are specific timeframes over which retirement plan benefits become nonforfeitable. 2. Which statement is incorrect regarding wage garnishments? Answer: A. They are only ordered by a court or other legal proceeding. B. The amount of the garnishment is based on disposable earnings. C. The limit can be increased for child support. D. If multiple garnishments are in effect, they are satisfied in the order in which they were received. 3. Which statement about Social Security tax is accurate? Answer: A.…The Federal Insurance Contributions Acta. requires employer FICA liabilities to be recorded upon issuance of an employee's paycheck.b. prohibits employees from paying FICA taxes before their paycheck is received.c. requires the employer to deposit FICA taxes immediately upon issuance of the employee's paycheck.d. requires deduction from employee paychecks to be made; these amounts are recorded as liabilities when withheld.TRUE OR FALSE? The levy may be repeated until the full amount due, including all expenses is collected. Under Title I, Sec. 3 of the National Internal Revenue Code, the BIR shall be headed by the Commissioner and to be assisted by four (4) deputy commissioners. Whenever there is a violation of the due process of law, the taxpayer may file a motion for cancellation to the BIR or Court to stop the tax assessment.
