Regulation of Employment & Environment Flashcards
(71 cards)
What is the Federal Insurance Contribution Act (FICA)?
This act provides benefits for old age, survivors, disability, and hospital insurance
T/F
FICA applies to both Medicare and Medicaid
FALSE
FICA is Medicare. NOT Medicaid.
What is the difference between Medicare and Medicaid?
Medicare is for old age or severe disabilities, no matter what the income of the person is.
Medicaid is for the very poor
T/F
FICA/Medicare benefits are taxable
TRUE
Up to 85% of the benefits can be taxable if certain income levels are exceeded
T/F
FICA/Medicare benefits are fixed
FALSE
FICA/Medicare benefits can be reduced if earned income is too high
T/F
Like earned income, unearned income can reduce FICA/Medicare benefits
FALSE
Only earned income can reduce FICA/Medicare benefits. Unearned income does not.
Who pays FICA taxes?
Employer, Employee, & Self-Employed
If an employer fails to withhold an employee’s share of FICA taxes, who is responsible for ensuring these taxes are paid?
The employer becomes liable for the employee’s share
T/F
For self-employed individuals, they must pay a tax equal to the total contributed by employer and employee (double tax). This tax is based on _____
Net profit, not gross earnings.
What is the Federal Unemployment Tax Act (FUTA)?
This provides the unemployed with support.
T/F
Anyone who is unemployed can collect on FUTA
FALSE
You must be unemployed through no fault of your own. You must be willing and able to work.
FICA is a ______ (state/federal) program
Federal
FUTA is a __________ (state/federal) program
State; however, federal law provides general guidelines and standards
T/F
Like FICA, FUTA taxes are paid by both the employer and the employee
FALSE
Only the employer pays FUTA taxes
This program provides benefits to employees injured in the scope of employment
Worker’s Compensation
With respect to Worker’s Compensation Employers are _____
Strictly Liable
With respect to Worker’s Compensation, employers are strictly liable ______ (with/without) regard to their fault
Without
T/F
Worker’s Compensation can be waived by the employee
FALSE
An employee’s benefits from worker’s compensation is based on what?
The employee’s injury, not the employee’s pay
T/F
An employee’s negligence or assumption of risk can decrease their chances of worker’s compensation recovery
FALSE
T/F
If an event occurred while an employee was fighting, intoxicated, or if the employee self-inflicted the harm, this can decrease their chances of worker’s compensation recovery
TRUE
T/F
Independent contractors and agricultural workers are covered under worker’s compensation
FALSE
Neither are covered
T/F
An employee generally can sue their employer over a worker’s compensation case
FALSE
The employee cannot sue unless the employer intentionally injured the employee
What is the Occupational Safety and Health Act (OSHA)?
This establishes safety and health standards for employees and for the workplace
