Video 3 Flashcards
(36 cards)
1
Q
Small Businesses Job Protection Act (1996)
A
- Increased federal minimum wage levels.
- 401(k) plan to make pension plans easier for small businesses.
- Provided tax incentives for small businesses to keep jobs and increased take-home pay.
2
Q
Tax Incentives of the Small Business Act (1996)
A
- Employee education incentives - employers can exclude money from employee’s taxable income for educational assistance.
- Capital expense for small businesses increased up to $7,000.
- Replaced targeted job tax credit with Work Opportunity Tax Credit (WOTC)
- Tax credit for adopting a child (up to $5k, & $6k for special needs).
3
Q
SSA (1935)
A
Social Security Act
- Supports elderly and disabled workers via. payroll taxes from the employee and employer (rates set by FICA).
- Includes many different funded programs, like social welfare and social insurance programs.
4
Q
PPACA (Obamacare) (2010)
A
- One of the programs under SSA.
- This provides medical insurance coverage to a great number of people.
5
Q
Tax Reform Act (1986)
A
- Changed IRS tax code.
- Reduced tax brackets and all tax rates for individuals.
- This law required all dependent children to have an SSN.
6
Q
Tax Payer Relief Act (1997)
A
- Limits tax payments for individuals during retirement.
- Created Roth/Education IRAs.
7
Q
(Lanham) Trademark Act (1946)
A
- Created federal protections for trade and services.
- First to set the requirements for trademarking and obtaining these legal protections.
8
Q
UCA (1992)
A
Unemployment Compensation Amendments
- 20% of a payment withheld of an employee’s savings account when they are not rolling over funds into another IRA/401(k).
9
Q
REALLY IMPORTANT TO KNOW
USERRA (1994)
A
Uniformed Services Employment and Reemployment Rights Act
- Instructions for handling employees in Reserves called to Active Duty.
- Protects employment, re-employment & retention of these employees & those in the uniformed services.
- Employers must still provide benefits given they paid for them before being called to duty.
- Basically anti-discrimination act against those in the services.
10
Q
VEVRAA (1974)
A
Vietnam Era Veterans Readjustment Act
- Requires all employers subject to law to post job openings with local state employment service.
- Basically AA for vets is required.
11
Q
Exceptions to VEVRRA
A
- Jobs lasting 3 days or less.
- Jobs filled by internal candidates.
- Senior-exec level management.
12
Q
Vets Covered by VEVRRA
A
- Disabled veterans.
- Active duty during a war, campaign, or expedition.
- Recently separated veterans.
13
Q
OBRA (1993)
A
Omnibus Budget Reconciliation Act
- Regulates compensation limits in qualified retirement plans.
14
Q
PPA (2006)
A
Pension Protection Act
- Employers that have underfunded pension plans have to pay higher premiums to PBGC.
15
Q
PBGC
A
Pension Benefit Guarantee Corp.
- Makes sure that all pension plans offered from employers are funded properly.
16
Q
Personal Responsibility & Work Opportunity Reconciliation Act (1996)
A
- Requires all states to establish a new-hire reporting system.
- These are designed to get child-support payments.
17
Q
Portal-to-Portal Act (1947)
A
- Defines “hours worked” and establishes rules about payment of wages of employees that travel beforehand or after their scheduled shifts.
- Min. wages and overtime are not required for traveling to and from workplace.
18
Q
RLA (1926)
A
Rail Labor Act
- Allows railways workers to organize into labor unions.
- Expanded to include airline employees.
19
Q
NMB (National Mediation Board)
A
- Perm. independent agency that RLA covered employees report to.
20
Q
The Rehabilitation Act (1973)
A
- First law before ADA.
21
Q
Section 501 of Rehabilitation Act
A
- Non-discrimination and AA in hiring disabled workers by all federal agencies within the executive branch.
22
Q
Section 502 of Rehabilitation Act
A
- Non-discrimination and AA by federal contractors and subcontractors w/ contracts valued at $10k or higher.
23
Q
Section 504 of Rehabilitation Act
A
- Requires employers subject to law to provide reasonable accommodation for disabled individuals who can provide job duties w/ or w/o reasonable accomodation.
24
Q
REA (1984)
A
Retirement Equity Act
- Certain legal protections for spouses in regard to benefits of qualified retirement plans.
- No changes to retirement plan elections, beneficiary designations, or withdrawals w/o consent of spouse.
25
Revenue Act (1978)
- +2 sections to IRS tax code relevant to employee benefits.
- 125: cafeteria benefit plans.
- 401(k): pre-tax savings program for private sector employees known as IRA.
26
SOX/SARSOX (2002)
Sarbanes-Oxley Act
- Addresses need for oversight/disclosure of info. of publicly-traded companies.
- Corporate offices accountable for proper record-keeping and reporting of financial information.
27
PCAOB
Public Company Accounting Oversight Board
SOX/SARSOX
- Oversees accounting professionals who provide independent audit reports for publicly traded companies.
(Audits the auditor).
28
Securities & Exchange Act (1934)
- Controls/governs secondary market (all trade after primary).
- Companies issuing common stock for trade - done in the primary market (when they "go public").
29
SEC (created by SEA)
Securities and Exchange Commission
- Oversight authority for trading of stocks in the U.S.
30
McNamara-O'Hara Service Contract Act (1965)
- Payment of prevailing wages and benefits to all employees (fed. contractors & subcontractors) who offer goods & services to the government.
- Contracts >$2,500 are covered.
31
Wagner-Peysey Act (1933) as amended by the Workforce Investment Act (WIA) (1988)
- Created employment service offices that provided assistance to job-seekers.
- Made a "one stop" within the employment services offices.
- Assistance with job search, searching jobs for unemployment insurance recipients, and recruitment services for employers.
32
Walsh-Healy Public Contracts Act (1936)
- Designed to assure fair wages for manufacturers and supplier of goods to fed. gov. contracts $10,000 >.
33
Provisions of Walsh-Healy
1. Overtime pay for 8+ hrs. in a day or 40+ hrs. a week.
**2. Minimum wage = prevailing wage in that area.
3. Prohibition hiring anyone younger than 16 or that has a criminal conviction.
4. Defense Authorization Act excluded fed. contractors from overtime pay.
34
# **VERY IMPORTANT**
WOTC (1996)
Work Opportunity Tax Credit
- Provides federal income tax credits to employers who hire from certain targeted groups of job seekers who face employment barriers.
35
Targeted Groups Under WOTC
1. Recipients of TANF (temporary assistance to needy families).
2. Qualified veterans who receive SNAP or who qualify for disability.
3. Family members of a veteran who received food stamps/SNAP in 3-month period during 15-month period ending on hiring date.
4. Ex-felons hired N.L. than 1 yr. after conviction/release.
5. Designated Community Residents who live in empowerment zone or rural renewal (distressed urban & rural communities).
6. Vocational rehabilitation referrals.
7. Qualified summer youth (16-17) who reside in empowerment zone/rural renewal.
8. SNAP recipients (18-40)/SSI/long-term family assistance recipients.
36
Lily Ledbetter Fair Pay Act (2009)
- The last discriminatory paycheck received extends the dealing of when you can file a discriminatory pay case.
