Payroll Laws and Regulations
Upon completion of this unit, you should be able to:
Explain how the social security tax and Medicare tax have evolved over the years.
Explain why the federal income tax is on a pay-as-you-go basis.
Define and explain the terms represented by these abbreviations: IRS, OASDI, FICA, FUTA, SUTA, ERISA.
List the types of payroll information that a business must maintain regarding each employee.
Explain the value of social security to employees and their families.
Explain why some states have a much higher state minimum wage than other states.
Explain the value to employees of the role the federal government has played in protecting workers.
Explain the main features of the Fair Labor Standards Act and its benefit to employees.
Explain the benefit of workers' compensation laws to employees and their families.