Regulation of Business Employment, Environment & Antitrust 1 of 1 (41)

Question 1

Workers’ Compensation Laws

Answer 1

Laws guaranteeing payment to an injured or ill employee for job-related injuries or illness, regardless of fault, and barring the employee from suing the employer for negligence.

Question 2

Federal Unemployment Tax Act (FUTA)

Answer 2

A tax paid by the employer (calculated as a percentage of wages paid) to have benefits available for employees who are terminated unless they left employment voluntarily (quit), refused to accept equivalent work available, or were dismissed for illegal activity.

Question 3

Federal Insurance Contributions Act (FICA)

Answer 3

A tax paid by both employer and employee used to pay Social Security benefits in the form of old age retirement benefits, benefits to survivors and divorced spouses, payments for disability and to disabled children, and Medicare benefits.

Question 4

Employment Retirement Income Security Act (ERISA)

Answer 4

A law applicable to employers who provide private pension benefits to employees, requiring that plans cover all employees falling within similar classes, that amounts paid by employees vest immediately and amounts paid by the employer vest within a reasonable time, and that the employer make contributions to a trustee on a timely basis.