/ Accounting for Payroll in .NET

Generation QR Code in .NET / Accounting for Payroll
162 / Accounting for Payroll
Read QR Code ISO/IEC18004 In .NET Framework
Using Barcode Control SDK for .NET Control to generate, create, read, scan barcode image in .NET framework applications.
gins to decline at $150,000 Earnings within the plan are shielded from taxation until distributed from it It is mandatory to begin withdrawals from an IRA as of age 701 2; if distributions do not occur, then a penalty of 50 percent will be charged against the amount that was not distributed When funds are withdrawn from an IRA prior to age 591 2, they will be taxed at ordinary income tax rates, and will also be subject to a 10 percent excise tax However, the excise tax will be waived if the participant dies, is disabled, is buying a home for the first time (to a maximum of $10,000), is paying for some types of higher education costs or medical insurance costs that exceed 71 2 percent of the participant s adjusted gross income (as well as any medical insurance premiums following at least 1 4 year of receiving unemployment benefits) The following list reveals the wide range of IRA accounts that can be set up: Coverdell Education IRA This type of IRA is established for the express purpose of providing advanced education to the beneficiary Though contributions to this IRA are not exempt from taxable income, any earnings during the period when funds are stored in the IRA will be tax-free at the time when they are used to pay for the cost of advanced education The annual contribution limit on this IRA is $2,000, and is limited to the time period prior to the beneficiary reaching the age of 18 The maximum contribution begins to decline at the point when joint household income reaches $190,000, and $95,000 for a single tax filer The amount in this IRA can be moved to a different family member if the new beneficiary is less than 30 years old The amount in the IRA must be distributed once the beneficiary reaches the age of 30 If a distribution is not for the express purpose of offsetting education expenses, then the distribution is taxable as ordinary income and will also be charged a 10 percent excise tax Individual Retirement Annuity This is an IRA that is comprised of an annuity that is managed through and paid out by a life insurance company Inherited IRA This is either a Roth or traditional IRA that has been inherited from its deceased owner, with the recipient not being the deceased owner s spouse After the owner s death, no more than five years can pass before the beneficiary receives a distribution or an annuity can be arranged that empties the IRA no later than the beneficiary s life expectancy This IRA is not intended to be a vehicle for ongoing contributions from the new beneficiary, so tax deductions are not allowed for any contributions made into it Also, the funds in this IRA cannot be shifted into a rollover IRA, since this action would circumvent the preceding requirement to distribute the funds within five years Rollover IRA This is an IRA that an individual sets up for the express purpose of receiving funds from a qualified retirement plan There are no annual contribution limits for this type of IRA, since its purpose is to transfer a preexisting block of funds that could be quite large Funds deposited in this account, as well as any earnings accumulating in the accounts, are exempt from
QR Code 2d Barcode Encoder In Visual Studio .NET
Using Barcode printer for VS .NET Control to generate, create QR Code ISO/IEC18004 image in .NET framework applications.
Benefits / 163
QR Decoder In Visual Studio .NET
Using Barcode scanner for Visual Studio .NET Control to read, scan read, scan image in .NET applications.
taxation until removed from it Rollover funds can also be transferred (taxfree) into another qualified retirement plan A common use of the rollover account is to park funds from the qualified plan of a former employer until the individual qualifies for participation in the plan of a new employer, at which point the funds are transferred into the new employer s plan Roth IRA Under this IRA, there are offsetting costs and benefits On the one hand, any contribution to the IRA is not deductible; however, withdrawals from the account (including earnings) are not taxable at all, as long as the recipient is either at least 591 2 years old, disabled, or made a beneficiary following the death of the IRA participant, or the money is used to buy a first-time home Contributions are limited to $3,000 per year and can be continued indefinitely, irrespective of the participant s age Anyone of age 50 or older can contribute an additional $500 to the plan However, no contribution is allowed once the participant s adjusted gross income reaches $160,000 for a joint filer, or $110,000 for a single filer, and will gradually decline beginning at $150,000 and $95,000, respectively There are special rules for transferring funds into a Roth IRA from any other type of IRA It is only allowed if the adjusted gross income of the transferring party is $100,000 or less in the year of transfer (the same limitation applies to both single and joint filers) Distributions from the Roth IRA that come from these rolled-over funds will not be taxable, but only if they have been held in the Roth IRA for at least five years following the date of transfer Savings Incentive Match Plan For Employees (SIMPLE) Under this IRA format, an employer that has no other retirement plan and employs fewer than 100 employees can set up IRA accounts for its employees, into which each employee can contribute up to $9,000 per year (as of 2004) The employee commits to make a matching contribution of up to 3 percent of his or her employee s pay, depending upon how much the employee has chosen to contribute Anyone age 50 or older can contribute an additional $500 to the plan The combined employee/employer contribution to the plan cannot exceed $13,000 per year The employer also has the option of reducing its contribution percentage in two years out of every five consecutive years, or can commit to a standard 2 percent contribution for all eligible employees, even if the employees choose not to contribute to the plan Vesting in the plan is immediate The downside to this plan from an employee s perspective is that the excise tax assessment for a withdrawal within the first two years of participation is 25 percent, rather than the usual 10 percent that is assessed for other types of IRA accounts Simplified Employee Pension This plan is available primarily for self-employed persons and partnerships, but is available to all types of business entities It can only be established if no qualified retirement plan is already in use The maximum contribution that an employer can make is the lesser of 25 percent of an employee s compensation for the year or $40,000 The amount paid is up to the discretion of the employer The contribution is sent at once to an
Create Barcode In .NET
Using Barcode drawer for Visual Studio .NET Control to generate, create barcode image in .NET applications.
Scanning Bar Code In VS .NET
Using Barcode scanner for VS .NET Control to read, scan read, scan image in .NET framework applications.
QR Code ISO/IEC18004 Generator In .NET Framework
Using Barcode generator for ASP.NET Control to generate, create QR Code ISO/IEC18004 image in ASP.NET applications.
Code 39 Extended Creator In VS .NET
Using Barcode creator for VS .NET Control to generate, create Code-39 image in .NET framework applications.
Bar Code Creator In .NET Framework
Using Barcode generation for .NET Control to generate, create bar code image in Visual Studio .NET applications.
Bar Code Creator In .NET
Using Barcode printer for ASP.NET Control to generate, create barcode image in ASP.NET applications.
EAN / UCC - 13 Creation In C#.NET
Using Barcode encoder for VS .NET Control to generate, create GS1 - 13 image in .NET applications.
Printing Code 3 Of 9 In VB.NET
Using Barcode printer for .NET Control to generate, create Code 3/9 image in Visual Studio .NET applications.
Make GTIN - 128 In C#
Using Barcode printer for .NET Control to generate, create EAN / UCC - 13 image in .NET applications.