Flashcards in Govt. Regulation of Bus: Other Fed. Laws and Regulations Deck (64):
Federal Insurance Contributions Act (FICA)
1. FICA taxes paid by employers are deductible expenses for income tax purposes.
2. The frequency of FICA deposits depends on the amount of an employer’s payroll.
3. Employers must furnish employees with written statements of wages paid and FICA contributions withheld each year.
Age Discrimination in Employment Act of 1967 (ADEA).
1. Under the ADEA, it is unlawful to discriminate against a person because of his/her age with respect to any term, condition, or privilege of employment -- including, but not limited to, hiring, firing, promotion, layoff, compensation, benefits, job assignments, and training.
2. It is also unlawful to retaliate against an individual for opposing employment practices that discriminate based on age or for filing an age discrimination charge, testifying, or participating in any way in an investigation, proceeding, or litigation under the ADEA.
Who does the ADEA protect?
1. The ADEA protects individuals who are 40 years of age or older from employment discrimination based on age.
2. The ADEA's protections apply to both employees and job applicants.
3. The ADEA applies to employers with 20 or more employees, including state and local governments. It also applies to employment agencies and to labor organizations, as well as to the federal government.
Americans with Disabilities Act (ADA)
1. An employer is required to make an accommodation to the known disability of an employee if it would not impose an "undue hardship" on the operation of the employer's business
2. An employer is not required to provide personal use items.
undue hardship (ADA)
an action requiring significant difficulty or expense when considered in light of factors such as an employer's size, financial resources and the nature and structure of its operation.
qualified employee w/disability (ADA)
individual who, with or without reasonable accommodation, can perform the essential functions of the job in question.
reasonable accommodation (ADA)
may include making existing facilities used by employees readily accessible to and usable by persons with disabilities.
Under the provisions of the Comprehensive Environmental Response, Compensation, and Liability Act -- otherwise known as CERCLA or Superfund:
Through CERCLA, EPA was given power to:
1. Seek out those parties responsible for any release and assure their cooperation in the cleanup.
2. EPA cleans up orphan sites when potentially responsible parties cannot be identified or located, or when they fail to act.
3. EPA obtains private party cleanup through orders, consent decrees, and other small party settlements.
4. EPA also recovers costs from financially viable individuals and companies once a response action has been completed.
Clean Water Act (CWA)
establishes the basic structure for regulating discharges of pollutants into the waters of the United States and regulating quality standards for surface waters.
Under the CWA, the EPA has implemented pollution control programs including all of the following:
1. Setting wastewater standards for industry.
2. Setting water quality standards for all contaminants in surface waters.
3. Making it unlawful to discharge any pollutant into navigable waters unless a permit is obtained.
Who must obtain the EPA's National Pollutant Discharge Elimination System (NPDES) permit? When must they obtain this permit?
1. Industrial, municipal, and other facilities must obtain permits
2. if their discharges go directly to surface waters.
Employee Retirement Income Security Act of 1974 (ERISA)
1. federal law that sets minimum standards for most voluntarily established pension and health plans in the private sector.
2. ERISA requires plans to provide participants with plan information, including important information about plan features and funding.
What does ERISA do?
1. ERISA sets uniform minimum standards to assure that employee benefit plans are established and maintained in a fair and financially sound manner.
2. ERISA is enforced by the Department of Labor's Pension and Welfare Benefits Administration (PWBA) and by the Internal Revenue Service (IRS).
3. ERISA requires persons who control plan funds to manage plans for the exclusive benefit of participants and beneficiaries, and to provide certain documents to assure compliance with the law.
To whom does FMLA apply?
To employers having at least 50 employees.
Family Medical Leave Act (FMLA)
1. A husband and wife who are employed with the same company are only entitled to a combined total of 12 weeks leave.
2. An employee can ask to use FMLA to care for a family member, for their own physical/mental health care, and after the birth or adoption of a child.
eligible employee (FMLA)
employee that has been employed with a company for at least 1,250 hours during a 12 month period prior to the start of the leave.
Can an employer ask the employee to provide a medical certification from a health care provider to substantiates the need to use FMLA?
The Occupational Safety Health Act (OSHA) requires employers to:
1. Provide a workplace that is free from recognized hazards;
2. AND to keep records of accidents and to report serious accidents to OSHA.
Does OSHA allow employers to insist upon a search warrant? Does OSHA allow employers to accompany OSHA inspectors during job site inspections?
Yes and Yes.
Are court orders normally necessary for OSHA inspections?
Business premise inspections are typically permitted by employers without a court order.
The four basic programs of the Social Security Act are:
1. unemployment insurance,
2. hospital insurance (Medicare),
3. survivors and disability insurance,
4. AND old age benefits.
If A is injured when working for B, and B's employees are covered by a standard workers compensation policy, then who is liable for A's injury? A, B, or the worker's compensation carrier?
B is liable for A's lost wages.
An employee who is injured in connection with his/her employment is entitled to prompt compensation for his/her injuries except when...
the injuries are sustained going to or from work
An employee who is injured in connection with his/her employment will receive what?
Workers' compensation benefits will be awarded regardless whether the employee was negligent.
An employee who is injured in connection with his/her employment due to a reckless 3rd party will receive what?
If a third party was negligent, Cory will have rights to both workers' compensation recovery as well as a personal injury claim against the third party, but cannot obtain double recovery.
Does workers' comp pay for pain and suffering?
Does workers' comp pay for lost wages?
The lost wage portion of workers' compensation amounts to 2/3 of regular pay for up to 500 weeks.
Does workers' comp pay for prosthetic devices needed as a result of the work-related injury?
No. Prosthetic devices, if required, are covered under workmens' compensation.
Endangered Species Act
provides for the conservation of the habitats in which endangered species are found.
Who manages the list of endangered species?
1. The U.S. Fish and Wildlife Service (FWS).
2. Species include birds, insects, fish, reptiles, mammals, crustaceans, flowers, grasses, and trees.
3. Anyone can petition FWS to include a species on this list.
4. The Act provides in some instances for the purchase of lands to protect certain habitats. 5. The Act establishes both civil and criminal penalties for violations.
How is the imposition of self-employment taxes and social security taxes handled for C Corporations? For S Corporations? For partnerships?
1. In a C Corporation, social security taxes are imposed on wages of employee-owners, but no self-employment tax is imposed on distributions.
2. In S Corporations, social security taxes are imposed on wages of employee-owners, but no self-employment tax is imposed on distributions (as long as reasonable wages are paid).
3. In a partnership, earnings are generally subject to self-employment taxes, except for earnings distributed for limited partnership interests.
does not discriminate based on union membership in employing or keeping workers.
Does workers' comp cover burial expenses for employees killed on the job?
When are employees injured on the job not covered by workers' comp?
1. Employees are not covered while traveling to and from work, are not covered if they were intoxicated,
2. AND, employees are not compensated for pain and suffering.
National Labor Relations Act (Wagner Act)
It specifies the rights that employees have to join or form labor organizations.
Are unemployment taxes are deductible by the employer, employee, or both?
When is an employer required to pay taxes under FUTA?
if it employs at least one person for any part of a day for twenty weeks and pays at least $1,700 in wages during a quarter.
Are employers subject to tax credits against federal unemp. taxes?
Yes, for state unemp. taxes paid.
Do employers may receive higher or lower state unemployment tax rates based upon employment history?
Dodd-Frank Act: clawback provisions
The Dodd-Frank Act does provide for certain clawback provisions to reclaim 3 yrs. of certain executive incentive compensation in the event of failure to comply with federal reporting requirements.
Dodd-Frank Act: Independence of Board requirement
The act also adds the requirement of independence of the board's executive compensation committee and requires votes by shareholders on executive compensation matters at least every three years.
Whistle blowers may be entitled to compensation from the SEC of ___ - ___% of the total monetary sanction, if such sanctions exceed ________.
2. $1 million
The Dodd-Frank Act requires that mortgage originators and securitors to retain what % in the credit risk?
JOBS Act (Dodd-Frank Act)
Expanded certain exclusions for emerging growth companies.
emerging growth companies
company with an initial public offering after December 2011 with less than $1 billion in gross revenues in the last fiscal year.
Aside from Corporate America, what other industries does the Dodd-Frank Act regulate?
1. Insurance industry.
2. Certain equity an hedge fund advisors.
3. Created the Bureau of Consumer Financial Protection.
A company is subject to Title VII of the '64 Civil Rights Act if it has at least ___ employees?
Can an employer be exempt from Title VII of the '64 Civil Rights Act if s/he can argue a bona fide occupational qualification based upon gender, race, color, etc.?
1936 Robinson-Patman Act
price discrimination is prohibited if it would tend to harm competition or create a monopoly.
How can a plaintiff succeed in a case based on the Robinson-Patman Act?
1. Prove that the price difference could reasonably harm competition, not actual damage to competition.
2. Show that there is not a cost-justified reason for the price difference (such as buying in bulk).
Clean Air Act
1. Required that the EPA set the NAAQS.
2. Any new stationary emissions source is required to show it utilizes the best available technology to reduce emissions.
3. Areas that have met the NAAQS are required to prevent any significant deterioration of the air quality levels.
Sanctions the EPA can impose under the CLean Air Act
EPA may impose sanctions equal to violator's cost savings in intentionally violating the provisions of the Clean Air Act.
Who can sue emissions sources under the Clean Air Act?
punishment for stealing someone else's patent
How long does the inventor have to sell his/her product before s/he is barred from applying for a patent?
Under U.S. patent law, is the inventor or the first party to file granted the patent?
Paris Convention & filing a patent in a foreign country
There is typically a one-year grace period for inventors to apply for a foreign patent after applying in the first country.
1. disguising the source of illegal income in seemingly legitimate assets.
2. This is often accomplished by creating fictitious transactions at legitimate financial institutions, then sending funds to offshore accounts.
3. These funds may be repatriated to purchase legitimate assets or investments.
The Bank Secrecy Act covers which financial institutions?
banks, brokers, currency exchanges, casinos, entities that perform wire transfers, etc.
What does the Bank Secrecy Act require of covered financial institutions?
to report suspicious activity to the federal government.
Fair Credit and Charge Card Disclosure Act
provides a $50 limit for fraudulent credit card charges
Equal Credit Opportunity Act
prohibits discrimination based on sex, age, religion, national origin, receipt of welfare payments, and invocation of rights under law
Fair Credit Billing Act
requires creditors to correct billing errors