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Payroll Accounting
Understanding of payroll functions, withholding, laws etc.
19
Accounting
Undergraduate 1
10/21/2011

Additional Accounting Flashcards

 


 

Cards

Term
Fair Labor Standards Act
Definition
Set minimum wage & overtime requirements
Term
Federal Minimum Wage Rate (2011)
Definition
$7.25 Hour
Term
Federal Insurance Contribution Act (FICA)
Definition
Social Security Tax withheld from employees and match by employers for Federal Old-Age and Survivor's Trust Fund and Federal Disability Insurance Trust Fund
Term
Income Tax
Definition
Levied on earnings and deducted from gross pay; imposed by federal, state and local gov'ts
Term
Federal Unemployment Tax Act (FUTA)
Definition
Used to pay state and federal administrative expenses of program
Term
State Unemployment Taxes (SUTA)
Definition
Taxes imposed by all state on employers used to pay unemployment benefits
Term
Civil Rights Act of 1964
Definition
Equal Employment Opportunity provisions forbid employers from discriminating practices in hiring, firing, compensating, promoting etc. on basis of race, color, religion, gender or nat'l origin
Term
Executive Orders
Definition
Any employer not subject to Civil Rights Act by reason of contract or subcontract involving federal funds are banned from discrimination based on race, color, religion, gender or national origin
Term
Age Discrimination in Employment Act of 1967 (ADEA)
Definition
20 or more workers; all employees over 40 cannot be discriminated against based on their age. Exemption: executives 65 or older, holding a high-policy making position for 2 years prior to retirement. If such employee is entitled to annual retirement benefit of $44,000, then employee can be forced to retire.
Term
Americans with Disabilities Act of 1990 (ADA)
Definition
Prohibits employers with 15 or more employees from discriminating against qualified persons with disabilities because of their disability. Applies to job application procedures, hiring, advancement, termination, compensation, job training & others. Reasonable accommodations must be provided: wheelchair accessible restrooms and ramps.
Term
Federal Personal Responsibility and Work Opportunity Reconciliation Act of 1996
Definition
Mandates that all states must establish new-hire reporting programs within 20 days of hire. Main reason to enforce child support obligations and reduce fraud in unemployment, workers compensation and public assistance programs.
Term
Fine for failure to report a new hire in a timely manner
Definition
$25 per new hire
Term
Immigration Reform and Control Act of 1986 (IRCA)
Definition
Bars employers from hiring and retaining aliens unauthorized to work in US
Term
Form I-9 Employment Eligibility Verification
Definition
Employers must examine verification documents supplied by employee identifying that the employee is authorized to work in the US. Must be completed withint 3 business days of date employee starts work.
Term
E-Verify
Definition
Online system that allows employers to check employment eligibility of new hires by comparing information on Form I-9. Voluntary program except employer with federal contract or subcontract containing e-Verify clause
Term
Family and Medical Leave Act of 1993 (FMLA)
Definition
Requires employers with 50 or more employees within 75 mile radius for at least 20 weeks in current or proceeding calendar year to grant workers unpaid leave for a family or medical emergency. Maximum 12 weeks in one calendar year; does not need to be taken all at once. Must continue health coverage and employee returns to same job or comparable.
Term
Uniformed Services Employment and Reemployment Rights Act of 1994 (USERRA)
Definition
Give military personnel right to take leaves from civilian jobs for active military service and return to job with accrued senority. Exception: dishonorable discharge
Term
Employee Retirement Income Security Act of 1974 (ERISA)
Definition
Regulates how funds are raised and disbursed but does not require a pension plan be established. Once one is every employee is eligible after reaching 21 years old anc ompleting one year of service.
Term
Vesting
Definition
Conveys to employees right to share in retirement fund if terminated before normal retirement age. Full vesting in 3 years or gradually over 6 years (20% after 2 years and 20% each year for 4 years thereafter)
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