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Payroll > Chapter 1 > Flashcards

Chapter 1 Flashcards

1
Q

VPN stand for

A

Virtual Private Network

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2
Q

What is VPN

A

A Method to provide employees with secured internet connections when working from remote locations.

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3
Q

OASDI is an acronym for?

A

Old-Age, Survivors, & Disability Insurance

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4
Q

What is OASDI

A

Synonymous with Social Security, this is the original name for the social welfare structure.

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5
Q

What is the 16th Amendment to the U.S. Constitution

A

Allowed the U.S. Government to levy and collect taxes on individuals

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6
Q

SSA

A

Social Security Act

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7
Q

What is SSA

A

An act that was passed to promote social welfare for old-age workers and surviving families of workers who had been disabled or deceased in the course of their employment.

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8
Q

What is Publication 15-T

A

The federal Income Tax Withholding Methods

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9
Q

What is Professionalism

A

A process reflecting the transparency and public accountability of accounting records.

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10
Q

ERISA

A

Employee Retirement Income Security Act

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11
Q

What is Individual Coverage

A

FLSA coverage for employees whose firms do not meet the requirements for enterprise coverage.

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12
Q

What is a Independent contractor

A

An individual who contracts to do work for a firm using his or her own tools & processes without being subject to direction by a firm’s management.

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13
Q

What is Davis-Bacon Act of 1931

A

Federal legislation enacted in 1931 that requires federal contractors to pay employees an amount commensurate with the prevailing local wage.

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14
Q

What is enterprise coverage

A

Firms explicitly covered under FLSA

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15
Q

What is an Employer Identification Number

A

A number assigned to employers by the IRS for tax reporting

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16
Q

DOMA

A

Defense of Marriage Act of 1996

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17
Q

What is DOMA

A

Legislation, which was repealed in 2013, prevented same-sex marriages and related employment benefits.

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18
Q

What is the Lilly Ledbetter Fair Pay Act of 2009

A

Federal law that removed the 180-day statue of limitations in allegations of unfair pay practices.

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19
Q

FICA

A

Federal Insurance Contributions Act

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20
Q

What is FICA

A

Legislation that provided funding for social welfare benefits including social security and medicare.

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21
Q

FLSA

A

Fair Labor Standards Act

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22
Q

What is FLSA

A

The law established the idea of minimum hourly wage and maximum weekly hours for hourly employees, among other employee-centered items.

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23
Q

What is the Walsh-Healey Public Contracts Act

A

Legislation enacted in 1936 required employers working on federal contracts over $10,000 to pay employees that federal minimum wage & follow the overtime provisions of the Fair Labor Standard Act.

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24
Q

What is COBRA

A

Provided Continuance of employee medical benefits after separation from the company.

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25
Q

What is Copeland Anti-kickback Act

A

Federal Legislation enacted in 1934 prohibits a federal contractor or subcontractor from inducing an employee to forgo a portion of the wages guaranteed by the contract.

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26
Q

What is Consolidated Appropriations Act of 2018

A

Increased funding for E-Verify. Internet-based program to verify employees’ eligibility to work in the US. This does not replace the I9 Form.

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27
Q

What is the Equal Pay Act of 1963

A

Federal legislation mandating that males and females receive equal compensation for comparable work.

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28
Q

What is the Civil Rights Act of 1991

A

Federal law that instituted monetary penalties for companies found guilty of discrimination as described under Civil Rights Act of 1964

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29
Q

What is Current Tax Payment Act of 1943

A

Federal law enacted in 1943 required employers to submit a timely remittance to the government of any taxes withheld from employee pay.

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30
Q

What is Circular E

A

The employers tax guide published by the internal revenue service

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31
Q

What is Living Wage

A

The minimum amount that a family would need to live comfortably for a normal standard of living.

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32
Q

What is Medicare

A

A payroll tax mandated to be paid by all employees of a firm to fund the Medicare program.

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33
Q

What is Ethics

A

An individuals definition of right and wrong

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34
Q

What is FUTA

A

Legislation that pays for the federal administration of unemployment laws, which are managed by each state.

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35
Q

What is Minimum Wage

A

The minimum hourly amount that employers may legally pay to employees.

36
Q

What is Professional Competence

A

Continuing capability to perform professional duties with an agreed-upon standard of quality.

37
Q

CARES

A

Coronavirus Aid, Relief and Economic Stimulus Act

38
Q

What is CARES

A

Provided economic support and payroll tax relief during the COVID-19 pandemic to encourage employers to retain their employees and tax relief for businesses.

39
Q

What is Personal Responsibility Work and Family Promotion Act of 2002

A

Act that reauthorized PRWOR when it expired.

40
Q

OSHA

A

Occupational Safety & Health Act

41
Q

What is OSHA

A

Legislation that provided guidance for safe workplace conditions.

42
Q

What is Workers’ Compensation

A

A mandatory insurance policy paid by employers that provides wage replacement & medical benefits to employees who are injured in the course of their employment.

43
Q

SECURE

A

Setting Every Community up for Retirement Enhancement Act

44
Q

What is SECURE

A

Act that incentivizes small employers to offer retirement plans, either alone or collectively with other small employers to improve retirement security for US workers.

45
Q

ATRA

A

America Taxpayer Relief Act

46
Q

What is ATRA

A

Legislation that prevented the expiration of tax cuts that would have affected employees.

47
Q

FLMA

A

Family & Medical Leave Act

48
Q

What is FLMA

A

Protection for employees to take unpaid leave with employer-provided benefits & still retain their original job or a similar one with the same rate upon return to work.

49
Q

What is the Protecting Americans from Tax Hikes Act

A

An act to prevent fraud that extended the Work Opportunity Tax Credit

50
Q

What is the Privacy Act of 1974

A

Protecting employees by removing personal identifiers from payroll records and restricting access to personnel records.

51
Q

HIPPA

A

Health Insurance Portability & Accountability Act

52
Q

What is HIPPA

A

Legislation that protects confidential personal medical records.

53
Q

What is FTE

A

Calculations tool whereby the number of hours that an employee works is divided by the number of standard hours for the employer.

54
Q

ARPA

A

American Rescue Plan Act

55
Q

What is ARPA

A

Extended employee retention credits family and sick related leave for covid-19 related items

56
Q

ACA

A

Affordable Care Act

57
Q

What is ACA

A

Mandated health care for all Americans regardless of employment status

58
Q

ADEA

A

Age Discrimination in Employment Act

59
Q

What is ADEA

A

Protects workers over the age of 40 from age-based discrimination.

60
Q

ADAAA

A

Americans’ with Disabilities Act Amendments Act

61
Q

What is ADAAA

A

Legislation that extended the definition of disabilities to protect workers from discrimination in the workplace

62
Q

TCDRA

A

Taxpayer Certainty & Disaster Tax Relief Act

63
Q

What is TCDRA

A

Increased qualified ERC amount per employee to $14,000; changed definition of qualified wages for both over & under 500 employees.

64
Q

What is Certified Payroll

A

A report mandated for certain federal government contacts that verify the accuracy of labor expenses incurred during the completion of contract-related activities

65
Q

ADA

A

Americans with Disabilities Act 1990

66
Q

What is ADA

A

Legislations protecting the anti-discrimination rights of American workers with disabilities as an extension of the Civil Rights Act of 1964

67
Q

ARRA

A

American Recovery Plan Act

68
Q

What is ARRA

A

Legislation designed to stimulate the economy by creating jobs and prescribing transparency by employers

69
Q

What Civil Rights Act of 1964

A

Federal legislation that protects employees from discrimination based on race, color religion, sex or national origin.

70
Q

USERRA

A

Uniformed Services Employment & Reemployment Rights Act

71
Q

What is USERRA

A

Legislation protecting the job rights of employees called to full-time service by the U.S. Military.

72
Q

IRCA

A

Immigration Reform & Control Act

73
Q

What is IRCA

A

Legislation requiring employers to verify the employee’s eligibility to work in the U.S or to sponsor their ability to work

74
Q

What is Integrity

A

Possessing honesty & high moral principals

75
Q

SOX

A

The Sarbanes-Oxley Act

76
Q

What is SOX

A

Public law 107-204, concerning publicly owned companies and auditing firms to ensure appropriate internal controls and the integrity of financial statements.

77
Q

SUTA

A

State Unemployment Tax Act

78
Q

What is SUTA

A

Employment tax requires employers to provide monetary benefits for workers who are displaced through no fault of their own.

79
Q

PRWOR

A

Personal Responsibility & Work Opportunity Reconciliation Act

80
Q

What is PRWOR

A

Legislation that provided social welfare relief for a limited time

81
Q

What is Publication 15

A

The employer’s Tax guide published by the internal revenue Services; also known as Circular E.

82
Q

What is Due Care

A

The caution that a reasonable person would exercise to avoid being charged with negligence

83
Q

EEOC

A

Equal Employment Opportunity Commission

84
Q

What is EEOC

A

An entity of the federal gov’t created as part of the Civil Rights Act of 1984, the enforces civil rights provisions in the workplace.

85
Q

What is Objectivity

A

Making decisions that are free from bias or subjectivity.

Payroll (3 decks)

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