Deck 34 Flashcards
Directors voting rights:
May not vote by proxy; need a quorum and majority approval
Merger
One corporation survives the merger (A+B=A)
Consolidation
New corporation is formed (A+B=C)
Short-from merger
Parent already owns 90% or more of a subsidiary
How are employees taxed under FICA?
Taxed only on earned income (gross income)
How are self-employed person taxed under FICA?
Taxed only on net income
Who pays for FICA?
Both employees and employers
Who participates in FUTA?
All employers who have quarterly payrolls of at least $1500 or who employ at least one person for 20 weeks in a year (does not include the self-employed)
Fair labor standards act
Regulates wages and hours
OHSA
Set safety standards and conduct inspections
National Labor Relations Act
Bargain collectively; ex: sick pay and vacation pay
ERISA
Seeks to protect retirement plans of employers that have a plan
Financial Crimes Enforcement Network (FinCEN)
Administers the BSA by issuing regulations and interpretive guidance (civil not criminal penalties)
Bank secrecy act requires reports to be filed that are above what amount?
$10,000
Record keeping requirements under Bank Secrecy Act
5 years for transactions above $3,000
