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Chapter 1 Flashcards

1
Q

VPN stand for

A

Virtual Private Network

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2
Q

What is VPN

A

A Method to provide employees with secured internet connections when working from remote locations.

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3
Q

OASDI is an acronym for?

A

Old-Age, Survivors, & Disability Insurance

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4
Q

What is OASDI

A

Synonymous with Social Security, this is the original name for the social welfare structure.

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5
Q

What is the 16th Amendment to the U.S. Constitution

A

Allowed the U.S. Government to levy and collect taxes on individuals

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6
Q

SSA

A

Social Security Act

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7
Q

What is SSA

A

An act that was passed to promote social welfare for old-age workers and surviving families of workers who had been disabled or deceased in the course of their employment.

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8
Q

What is Publication 15-T

A

The federal Income Tax Withholding Methods

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9
Q

What is Professionalism

A

A process reflecting the transparency and public accountability of accounting records.

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10
Q

ERISA

A

Employee Retirement Income Security Act

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11
Q

What is Individual Coverage

A

FLSA coverage for employees whose firms do not meet the requirements for enterprise coverage.

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12
Q

What is a Independent contractor

A

An individual who contracts to do work for a firm using his or her own tools & processes without being subject to direction by a firm’s management.

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13
Q

What is Davis-Bacon Act of 1931

A

Federal legislation enacted in 1931 that requires federal contractors to pay employees an amount commensurate with the prevailing local wage.

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14
Q

What is enterprise coverage

A

Firms explicitly covered under FLSA

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15
Q

What is an Employer Identification Number

A

A number assigned to employers by the IRS for tax reporting

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16
Q

DOMA

A

Defense of Marriage Act of 1996

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17
Q

What is DOMA

A

Legislation, which was repealed in 2013, prevented same-sex marriages and related employment benefits.

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18
Q

What is the Lilly Ledbetter Fair Pay Act of 2009

A

Federal law that removed the 180-day statue of limitations in allegations of unfair pay practices.

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19
Q

FICA

A

Federal Insurance Contributions Act

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20
Q

What is FICA

A

Legislation that provided funding for social welfare benefits including social security and medicare.

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21
Q

FLSA

A

Fair Labor Standards Act

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22
Q

What is FLSA

A

The law established the idea of minimum hourly wage and maximum weekly hours for hourly employees, among other employee-centered items.

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23
Q

What is the Walsh-Healey Public Contracts Act

A

Legislation enacted in 1936 required employers working on federal contracts over $10,000 to pay employees that federal minimum wage & follow the overtime provisions of the Fair Labor Standard Act.

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24
Q

What is COBRA

A

Provided Continuance of employee medical benefits after separation from the company.

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25
What is Copeland Anti-kickback Act
Federal Legislation enacted in 1934 prohibits a federal contractor or subcontractor from inducing an employee to forgo a portion of the wages guaranteed by the contract.
26
What is Consolidated Appropriations Act of 2018
Increased funding for E-Verify. Internet-based program to verify employees' eligibility to work in the US. This does not replace the I9 Form.
27
What is the Equal Pay Act of 1963
Federal legislation mandating that males and females receive equal compensation for comparable work.
28
What is the Civil Rights Act of 1991
Federal law that instituted monetary penalties for companies found guilty of discrimination as described under Civil Rights Act of 1964
29
What is Current Tax Payment Act of 1943
Federal law enacted in 1943 required employers to submit a timely remittance to the government of any taxes withheld from employee pay.
30
What is Circular E
The employers tax guide published by the internal revenue service
31
What is Living Wage
The minimum amount that a family would need to live comfortably for a normal standard of living.
32
What is Medicare
A payroll tax mandated to be paid by all employees of a firm to fund the Medicare program.
33
What is Ethics
An individuals definition of right and wrong
34
What is FUTA
Legislation that pays for the federal administration of unemployment laws, which are managed by each state.
35
What is Minimum Wage
The minimum hourly amount that employers may legally pay to employees.
36
What is Professional Competence
Continuing capability to perform professional duties with an agreed-upon standard of quality.
37
CARES
Coronavirus Aid, Relief and Economic Stimulus Act
38
What is CARES
Provided economic support and payroll tax relief during the COVID-19 pandemic to encourage employers to retain their employees and tax relief for businesses.
39
What is Personal Responsibility Work and Family Promotion Act of 2002
Act that reauthorized PRWOR when it expired.
40
OSHA
Occupational Safety & Health Act
41
What is OSHA
Legislation that provided guidance for safe workplace conditions.
42
What is Workers' Compensation
A mandatory insurance policy paid by employers that provides wage replacement & medical benefits to employees who are injured in the course of their employment.
43
SECURE
Setting Every Community up for Retirement Enhancement Act
44
What is SECURE
Act that incentivizes small employers to offer retirement plans, either alone or collectively with other small employers to improve retirement security for US workers.
45
ATRA
America Taxpayer Relief Act
46
What is ATRA
Legislation that prevented the expiration of tax cuts that would have affected employees.
47
FLMA
Family & Medical Leave Act
48
What is FLMA
Protection for employees to take unpaid leave with employer-provided benefits & still retain their original job or a similar one with the same rate upon return to work.
49
What is the Protecting Americans from Tax Hikes Act
An act to prevent fraud that extended the Work Opportunity Tax Credit
50
What is the Privacy Act of 1974
Protecting employees by removing personal identifiers from payroll records and restricting access to personnel records.
51
HIPPA
Health Insurance Portability & Accountability Act
52
What is HIPPA
Legislation that protects confidential personal medical records.
53
What is FTE
Calculations tool whereby the number of hours that an employee works is divided by the number of standard hours for the employer.
54
ARPA
American Rescue Plan Act
55
What is ARPA
Extended employee retention credits family and sick related leave for covid-19 related items
56
ACA
Affordable Care Act
57
What is ACA
Mandated health care for all Americans regardless of employment status
58
ADEA
Age Discrimination in Employment Act
59
What is ADEA
Protects workers over the age of 40 from age-based discrimination.
60
ADAAA
Americans' with Disabilities Act Amendments Act
61
What is ADAAA
Legislation that extended the definition of disabilities to protect workers from discrimination in the workplace
62
TCDRA
Taxpayer Certainty & Disaster Tax Relief Act
63
What is TCDRA
Increased qualified ERC amount per employee to $14,000; changed definition of qualified wages for both over & under 500 employees.
64
What is Certified Payroll
A report mandated for certain federal government contacts that verify the accuracy of labor expenses incurred during the completion of contract-related activities
65
ADA
Americans with Disabilities Act 1990
66
What is ADA
Legislations protecting the anti-discrimination rights of American workers with disabilities as an extension of the Civil Rights Act of 1964
67
ARRA
American Recovery Plan Act
68
What is ARRA
Legislation designed to stimulate the economy by creating jobs and prescribing transparency by employers
69
What Civil Rights Act of 1964
Federal legislation that protects employees from discrimination based on race, color religion, sex or national origin.
70
USERRA
Uniformed Services Employment & Reemployment Rights Act
71
What is USERRA
Legislation protecting the job rights of employees called to full-time service by the U.S. Military.
72
IRCA
Immigration Reform & Control Act
73
What is IRCA
Legislation requiring employers to verify the employee's eligibility to work in the U.S or to sponsor their ability to work
74
What is Integrity
Possessing honesty & high moral principals
75
SOX
The Sarbanes-Oxley Act
76
What is SOX
Public law 107-204, concerning publicly owned companies and auditing firms to ensure appropriate internal controls and the integrity of financial statements.
77
SUTA
State Unemployment Tax Act
78
What is SUTA
Employment tax requires employers to provide monetary benefits for workers who are displaced through no fault of their own.
79
PRWOR
Personal Responsibility & Work Opportunity Reconciliation Act
80
What is PRWOR
Legislation that provided social welfare relief for a limited time
81
What is Publication 15
The employer's Tax guide published by the internal revenue Services; also known as Circular E.
82
What is Due Care
The caution that a reasonable person would exercise to avoid being charged with negligence
83
EEOC
Equal Employment Opportunity Commission
84
What is EEOC
An entity of the federal gov't created as part of the Civil Rights Act of 1984, the enforces civil rights provisions in the workplace.
85
What is Objectivity
Making decisions that are free from bias or subjectivity.

Payroll (3 decks)

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