Test your bookkeeping expertise with our “Bookkeeping Quiz” questions.
Q. An employer-provided loan that is interest free or at below-market rates is nontaxable to employees IF the daily aggregate loan balance does not exceed $____ and there is a bona fide agreement to repay the amount.
A. $10,000.00
How did you do?
As a business owner thinking of hiring new employees in 2009, you need to be aware that there is a new IRS form W-4 that must be completed.
Additionally, employees who claimed “exempt” in 2008 and want to again for 2009 must submit a new W-4 by Friday, February 13, 2009 AND the employee’s 2009 income cannot exceed $950.00, cannot include more than $300.00 in unearned income such as interest and dividends – AND the employee must be eligible to be claimed as a dependent on someone else’s tax return.
Obtain the new form from the following url – http://www.irs.gov/pub/irs-pdf/fw4.pdf?portlet=3
