Business Its Legal Ethical & Global Environment
10th Edition
ISBN: 9781305224414
Author: JENNINGS
Publisher: Cengage
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Students have asked these similar questions
1. Would it be a violation of a consumer credit protection act to suspend, demote, or transfer an employee who is subject to garnishment?
2. There are eight types of wage attachment do you think the order and percentage are fair
3. Do you think garnishment at one's job is effective, in paying back the debt?
In order to improve the cash flow of the company, Neal Emerald decided to postpone depositing all employment taxes a few months ago. He told his sales manager, “I’ll pay up before the IRS catches up with me.” What risks does Emerald face by not upholding his responsibility for the collection and payment of employment taxes?
1. Which of these is NOT a regulation set forth within ERISA?
Answer:
A.
Employees must be provided with pertinent retirement plan information.
B.
Employers are required to offer retirement plans.
C.
Fiduciaries of the retirement plan may be held accountable for breaches of responsibility.
D.
There are specific timeframes over which retirement plan benefits become nonforfeitable.
2. Which statement is incorrect regarding wage garnishments?
Answer:
A.
They are only ordered by a court or other legal proceeding.
B.
The amount of the garnishment is based on disposable earnings.
C.
The limit can be increased for child support.
D.
If multiple garnishments are in effect, they are satisfied in the order in which they were received.
3. Which statement about Social Security tax is accurate?
Answer:
A.…
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- In the case where an employer is delinquent in paying contributions to the state for SUTA: a. experience ratings may be decreased. b. their employees may not be eligible to collect unemployment benefits. c. the employer may be required to contribute monthly rather than quarterly. d. a 100% penalty may be imposed.arrow_forwardProperty/casualty insurance companies have been criticized because they reserve for the total loss as much as 5 years before it may happen. The IRS has joined the debate because it says the full reserve is unfair from a taxation viewpoint. What do you believe is the IRS position?arrow_forwardwhen was the last time the FUTA rate was changed and what was the impact on employers? Taking the 5.4% credit reduction, what was the effective tax rate before and after for employers? What was the maximum amount of tax for each employee before and after the tax rate change? In your opinion and using the internet for research, do you believe that the FUTA tax rates for the FUTA tax credit will be changed in the near future?arrow_forward
- Villa Company has experienced tough competition, leading it to seek concessions from its employees in the company's pension plan. In exchange for promises to avoid layoffs and wage cuts, the employees agreed to receive lower pension benefits in the future. As a result, Villa amended its pension plan on January 1, 2020, and recorded negative past service cost of $125,000. Current service cost for 2020 is $26,000. Interest expense is $9,000, and interest revenue is $2,500. Actual return on assets in 2020 is $1,500. Compute Villa's pension expense in 2020.arrow_forward10. Which of the following key risks for Payroll activities under the Hire-to-Retire process where if present would pose the greatest regulatory risks? Group of answer choices Payroll rates or pay-scales are modified inappropriately in the payroll system. The required contributions from employees are not remitted to SSS, PAG-IBIG, and PhilHealth regularly. Payroll, tax, and other voluntary and involuntary deductions are inaccurately calculated and paid or disbursed past the due date. Discrepancies exist between payroll and other deduction amounts and what is reported on financial, tax, and legal reports.arrow_forwardProperty/casualty insurance companies have been criticized because they reserve for the total loss as much as 5 years before it may happen. The IRS has joined the debate because it says the full reserve is unfair from a taxation viewpoint. What can explain the IRS position?arrow_forward
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