Accounting

Accounting

The taxes paid to the Federal government (FUTZ tax) are used to pay the state and federal and administrative expenses incurred in operating the overall unemployment insurance program. The taxes paid to the various state governments (SUTRA) are used to pay the unemployment compensation benefits to qualified unemployed workers 5. The act, as amended, forbids employers to discriminate in hiring, firing, promoting, compensation, or any other condition of employment on the basis of race, color, religion, gender, or national origin. Protects individuals who are 50 years of age or older from employment discrimination based on age. 7. Yes, A key exception is executives who are 65 or older and who have held high policy-making positions during the two-year period prior to retirement. If such an employee is entitled to an annual retirement benefit from the employer of at least $44,000, the employee can be forcibly retired. 8. The Act covers employees who produce, assemble, handle, or ship goods under these contracts. 9.

The Act established the recess for setting occupational safety and health exposure standards, authorized OSHA to inspect private business for compliance and to issue the review Omission before going to he courts. 10. 12 weeks 1 1 . The legislation safeguards pension funds by regulating how the funds are to be raised and disbursed, who controls them, and what’s is to be done when funds are insufficient to pay promised benefits. 12. Vesting conveys to employees the right to share in a retirement fund if they are terminated before normal retirement age. 13.

The administrator must furnish a statement , not more than once in a 12-month period, of total benefits accrued, accrued benefits that are vested, if any, or the earliest date on which accrued benefits will become vested. 14. There are procedures that human resource follow in hiring new employees. First they receive request for new employees, then they examine applications. After examining the applications, they interview the applicants, then they administer tests, check references. After all the tests is done, they select and notify the successful applicant.

When the applicant is hired, HRS sends information to payroll department and prepare personal file. 15. Personal information. 16. Employers must not discriminate 17. Employers wishing to obtain a consumer report on a job applicant or employee must follow the requirements set forth in the FACE. 18. Record hours worked or units produced. 19. The payroll register and the employee’s earnings record are the two basic records that are utilized. 20. Employers use the employee’s earnings record in preparing Form W-2, Wage and Tax Statement.

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