Video 3

Question 1

Small Businesses Job Protection Act (1996)

Answer 1

• 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.

Question 2

Tax Incentives of the Small Business Act (1996)

Answer 2

1. Employee education incentives - employers can exclude money from employee’s taxable income for educational assistance.
2. Capital expense for small businesses increased up to $7,000.
3. Replaced targeted job tax credit with Work Opportunity Tax Credit (WOTC)
4. Tax credit for adopting a child (up to $5k, & $6k for special needs).

Question 3

SSA (1935)

Answer 3

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.

Question 4

PPACA (Obamacare) (2010)

Answer 4

• One of the programs under SSA.
• This provides medical insurance coverage to a great number of people.

Question 5

Tax Reform Act (1986)

Answer 5

• Changed IRS tax code.
• Reduced tax brackets and all tax rates for individuals.
• This law required all dependent children to have an SSN.

Question 6

Tax Payer Relief Act (1997)

Answer 6

• Limits tax payments for individuals during retirement.
• Created Roth/Education IRAs.

Question 7

(Lanham) Trademark Act (1946)

Answer 7

• Created federal protections for trade and services.
• First to set the requirements for trademarking and obtaining these legal protections.

Question 8

UCA (1992)

Answer 8

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).

Question 9

REALLY IMPORTANT TO KNOW

USERRA (1994)

Answer 9

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.

Question 10

VEVRAA (1974)

Answer 10

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.

Question 11

Exceptions to VEVRRA

Answer 11

1. Jobs lasting 3 days or less.
2. Jobs filled by internal candidates.
3. Senior-exec level management.

Question 12

Vets Covered by VEVRRA

Answer 12

1. Disabled veterans.
2. Active duty during a war, campaign, or expedition.
3. Recently separated veterans.

Question 13

OBRA (1993)

Answer 13

Omnibus Budget Reconciliation Act

• Regulates compensation limits in qualified retirement plans.

Question 14

PPA (2006)

Answer 14

Pension Protection Act

• Employers that have underfunded pension plans have to pay higher premiums to PBGC.

Question 15

PBGC

Answer 15

Pension Benefit Guarantee Corp.

• Makes sure that all pension plans offered from employers are funded properly.

Question 16

Personal Responsibility & Work Opportunity Reconciliation Act (1996)

Answer 16

• Requires all states to establish a new-hire reporting system.
• These are designed to get child-support payments.

Question 17

Portal-to-Portal Act (1947)

Answer 17

• 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.

Question 18

RLA (1926)

Answer 18

Rail Labor Act

• Allows railways workers to organize into labor unions.
• Expanded to include airline employees.

Question 19

NMB (National Mediation Board)

Answer 19

• Perm. independent agency that RLA covered employees report to.

Question 20

The Rehabilitation Act (1973)

Answer 20

• First law before ADA.

Question 21

Section 501 of Rehabilitation Act

Answer 21

• Non-discrimination and AA in hiring disabled workers by all federal agencies within the executive branch.

Question 22

Section 502 of Rehabilitation Act

Answer 22

• Non-discrimination and AA by federal contractors and subcontractors w/ contracts valued at $10k or higher.

Question 23

Section 504 of Rehabilitation Act

Answer 23

• Requires employers subject to law to provide reasonable accommodation for disabled individuals who can provide job duties w/ or w/o reasonable accomodation.

Question 24

REA (1984)

Answer 24

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.

Question 25

Revenue Act (1978)

Answer 25

• +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.

Question 26

SOX/SARSOX (2002)

Answer 26

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.

Question 27

PCAOB

Answer 27

Public Company Accounting Oversight Board
SOX/SARSOX

• Oversees accounting professionals who provide independent audit reports for publicly traded companies.

(Audits the auditor).

Question 28

Securities & Exchange Act (1934)

Answer 28

• Controls/governs secondary market (all trade after primary).
• Companies issuing common stock for trade - done in the primary market (when they “go public”).

Question 29

SEC (created by SEA)

Answer 29

Securities and Exchange Commission

• Oversight authority for trading of stocks in the U.S.

Question 30

McNamara-O’Hara Service Contract Act (1965)

Answer 30

• Payment of prevailing wages and benefits to all employees (fed. contractors & subcontractors) who offer goods & services to the government.
• Contracts >$2,500 are covered.

Question 31

Wagner-Peysey Act (1933) as amended by the Workforce Investment Act (WIA) (1988)

Answer 31

• 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.

Question 32

Walsh-Healy Public Contracts Act (1936)

Answer 32

• Designed to assure fair wages for manufacturers and supplier of goods to fed. gov. contracts $10,000 >.

Question 33

Provisions of Walsh-Healy

Answer 33

1. Overtime pay for 8+ hrs. in a day or 40+ hrs. a week.
   **2. Minimum wage = prevailing wage in that area.
2. Prohibition hiring anyone younger than 16 or that has a criminal conviction.
3. Defense Authorization Act excluded fed. contractors from overtime pay.

Question 34

VERY IMPORTANT

WOTC (1996)

Answer 34

Work Opportunity Tax Credit

• Provides federal income tax credits to employers who hire from certain targeted groups of job seekers who face employment barriers.

Question 35

Targeted Groups Under WOTC

Answer 35

1. Recipients of TANF (temporary assistance to needy families).
2. Qualified veterans who receive SNAP or who qualify for disability.
3. Family members of a veteran who received food stamps/SNAP in 3-month period during 15-month period ending on hiring date.
4. Ex-felons hired N.L. than 1 yr. after conviction/release.
5. Designated Community Residents who live in empowerment zone or rural renewal (distressed urban & rural communities).
6. Vocational rehabilitation referrals.
7. Qualified summer youth (16-17) who reside in empowerment zone/rural renewal.
8. SNAP recipients (18-40)/SSI/long-term family assistance recipients.

Question 36

Lily Ledbetter Fair Pay Act (2009)

Answer 36

• The last discriminatory paycheck received extends the dealing of when you can file a discriminatory pay case.