Video 3 Flashcards
1
Q
Small Businesses Job Protection Act (1996)
A
- Increased federal minimum wage levels.
- 401(k) plan to make pension plans easier for small businesses.
- Provided tax incentives for small businesses to keep jobs and increased take-home pay.
2
Q
Tax Incentives of the Small Business Act (1996)
A
- Employee education incentives - employers can exclude money from employee’s taxable income for educational assistance.
- Capital expense for small businesses increased up to $7,000.
- Replaced targeted job tax credit with Work Opportunity Tax Credit (WOTC)
- Tax credit for adopting a child (up to $5k, & $6k for special needs).
3
Q
SSA (1935)
A
Social Security Act
- Supports elderly and disabled workers via. payroll taxes from the employee and employer (rates set by FICA).
- Includes many different funded programs, like social welfare and social insurance programs.
4
Q
PPACA (Obamacare) (2010)
A
- One of the programs under SSA.
- This provides medical insurance coverage to a great number of people.
5
Q
Tax Reform Act (1986)
A
- Changed IRS tax code.
- Reduced tax brackets and all tax rates for individuals.
- This law required all dependent children to have an SSN.
6
Q
Tax Payer Relief Act (1997)
A
- Limits tax payments for individuals during retirement.
- Created Roth/Education IRAs.
7
Q
(Lanham) Trademark Act (1946)
A
- Created federal protections for trade and services.
- First to set the requirements for trademarking and obtaining these legal protections.
8
Q
UCA (1992)
A
Unemployment Compensation Amendments
- 20% of a payment withheld of an employee’s savings account when they are not rolling over funds into another IRA/401(k).
9
Q
REALLY IMPORTANT TO KNOW
USERRA (1994)
A
Uniformed Services Employment and Reemployment Rights Act
- Instructions for handling employees in Reserves called to Active Duty.
- Protects employment, re-employment & retention of these employees & those in the uniformed services.
- Employers must still provide benefits given they paid for them before being called to duty.
- Basically anti-discrimination act against those in the services.
10
Q
VEVRAA (1974)
A
Vietnam Era Veterans Readjustment Act
- Requires all employers subject to law to post job openings with local state employment service.
- Basically AA for vets is required.
11
Q
Exceptions to VEVRRA
A
- Jobs lasting 3 days or less.
- Jobs filled by internal candidates.
- Senior-exec level management.
12
Q
Vets Covered by VEVRRA
A
- Disabled veterans.
- Active duty during a war, campaign, or expedition.
- Recently separated veterans.
13
Q
OBRA (1993)
A
Omnibus Budget Reconciliation Act
- Regulates compensation limits in qualified retirement plans.
14
Q
PPA (2006)
A
Pension Protection Act
- Employers that have underfunded pension plans have to pay higher premiums to PBGC.
15
Q
PBGC
A
Pension Benefit Guarantee Corp.
- Makes sure that all pension plans offered from employers are funded properly.
16
Q
Personal Responsibility & Work Opportunity Reconciliation Act (1996)
A
- Requires all states to establish a new-hire reporting system.
- These are designed to get child-support payments.
17
Q
Portal-to-Portal Act (1947)
A
- Defines “hours worked” and establishes rules about payment of wages of employees that travel beforehand or after their scheduled shifts.
- Min. wages and overtime are not required for traveling to and from workplace.
18
Q
RLA (1926)
A
Rail Labor Act
- Allows railways workers to organize into labor unions.
- Expanded to include airline employees.
19
Q
NMB (National Mediation Board)
A
- Perm. independent agency that RLA covered employees report to.
20
Q
The Rehabilitation Act (1973)
A
- First law before ADA.
21
Q
Section 501 of Rehabilitation Act
A
- Non-discrimination and AA in hiring disabled workers by all federal agencies within the executive branch.
22
Q
Section 502 of Rehabilitation Act
A
- Non-discrimination and AA by federal contractors and subcontractors w/ contracts valued at $10k or higher.
23
Q
Section 504 of Rehabilitation Act
A
- Requires employers subject to law to provide reasonable accommodation for disabled individuals who can provide job duties w/ or w/o reasonable accomodation.
24
Q
REA (1984)
A
Retirement Equity Act
- Certain legal protections for spouses in regard to benefits of qualified retirement plans.
- No changes to retirement plan elections, beneficiary designations, or withdrawals w/o consent of spouse.
25
Q
Revenue Act (1978)
A
- +2 sections to IRS tax code relevant to employee benefits.
- 125: cafeteria benefit plans.
- 401(k): pre-tax savings program for private sector employees known as IRA.
26
Q
SOX/SARSOX (2002)
A
Sarbanes-Oxley Act
- Addresses need for oversight/disclosure of info. of publicly-traded companies.
- Corporate offices accountable for proper record-keeping and reporting of financial information.
27
Q
PCAOB
A
Public Company Accounting Oversight Board
SOX/SARSOX
- Oversees accounting professionals who provide independent audit reports for publicly traded companies.
(Audits the auditor).
28
Q
Securities & Exchange Act (1934)
A
- Controls/governs secondary market (all trade after primary).
- Companies issuing common stock for trade - done in the primary market (when they “go public”).
29
Q
SEC (created by SEA)
A
Securities and Exchange Commission
- Oversight authority for trading of stocks in the U.S.
30
Q
McNamara-O’Hara Service Contract Act (1965)
A
- Payment of prevailing wages and benefits to all employees (fed. contractors & subcontractors) who offer goods & services to the government.
- Contracts >$2,500 are covered.
31
Q
Wagner-Peysey Act (1933) as amended by the Workforce Investment Act (WIA) (1988)
A
- Created employment service offices that provided assistance to job-seekers.
- Made a “one stop” within the employment services offices.
- Assistance with job search, searching jobs for unemployment insurance recipients, and recruitment services for employers.
32
Q
Walsh-Healy Public Contracts Act (1936)
A
- Designed to assure fair wages for manufacturers and supplier of goods to fed. gov. contracts $10,000 >.
33
Q
Provisions of Walsh-Healy
A
- Overtime pay for 8+ hrs. in a day or 40+ hrs. a week.
**2. Minimum wage = prevailing wage in that area. - Prohibition hiring anyone younger than 16 or that has a criminal conviction.
- Defense Authorization Act excluded fed. contractors from overtime pay.
34
Q
VERY IMPORTANT
WOTC (1996)
A
Work Opportunity Tax Credit
- Provides federal income tax credits to employers who hire from certain targeted groups of job seekers who face employment barriers.
35
Q
Targeted Groups Under WOTC
A
- Recipients of TANF (temporary assistance to needy families).
- Qualified veterans who receive SNAP or who qualify for disability.
- Family members of a veteran who received food stamps/SNAP in 3-month period during 15-month period ending on hiring date.
- Ex-felons hired N.L. than 1 yr. after conviction/release.
- Designated Community Residents who live in empowerment zone or rural renewal (distressed urban & rural communities).
- Vocational rehabilitation referrals.
- Qualified summer youth (16-17) who reside in empowerment zone/rural renewal.
- SNAP recipients (18-40)/SSI/long-term family assistance recipients.
36
Q
Lily Ledbetter Fair Pay Act (2009)
A
- The last discriminatory paycheck received extends the dealing of when you can file a discriminatory pay case.
