Employment/Payroll Tax Flashcards
Must File FUTA when
- Pay $1,500 or more in a quarter
OR - Employ at least one person one day a week for 20 wks
The FLSA (Federal Fair Labor Standards Act does what
Regulates
- Federal minimum wage
- Overtime pay & the number of hrs in a work week
- Child labor laws
Pension Plans can be Contributory or Non-contributory. The differences are
Contributory - employee makes contribution to the plan
Non-contributory - employee does not make any contribution to the plan.
OSHA - facts
OSHA may come in without advance notice and without a search warrant.
OSHA contains a “whistleblower” protection provision
OSHA regulations generally try to make workplaces as safe as they reasonably can be.
OSHA inspections generally must be during normal hours of operation.
OSHA allows states to adopt other safety regulations.
Title VII of the 1964 Civil Rights Act
Covers everything but AGE discrimination
Under workers’ compensation laws, employers whether they are at fault or not -
are generally strictly liable for injuries to employees
Directors fees are considered
Income from labor (i.e. earned income) and is subject to self employment tax. Can cause your SS retirement benefits to be reduced.
Workers’ compensation laws do not provide for “full” pay during a disability.
With disability benefits the employee may receive a percentage of his/her wages, but not “full” wages.
An employer who fails to withhold FICA taxes from an employee’s wages is liable for the employee’s portion. Once the employer pays both shares to the government, he/she has the right to
be reimbursed by the employee for the employee’s share.
Workers’ Compensation Acts require an employer to
Provide coverage for all eligible employees.
The age discrimination in employment act (“ADEA”) prohibits age discrimination,
whether intentional or unintentional.
The age discrimination in employment act (“ADEA”) DOES allow mandatory retirement for some occupations if there is a bona fide occupational qualification
example - police officers or fire fighters.
The National Labor Relations Act
Gives workers the right to bargain collectively for wages AND other terms of employment (sick leave & vacation pay)
A currency transaction report (CTR) must be filed whenever a non-exempted person engages in a transaction of
more than $10,000 with a financial institution.
Purchases of monetary instruments, such as traveler’s checks, in amounts between $3,000 and $10,000, inclusive, trigger
record keeping requirements, but not reporting requirements. The record must be kept for at least five years, but no filing of a report is required for such sales.
