aicpa财务会计与报告（far）employment

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1、RegulationModule30:EmploymentLawInstructor:Helen08/23/20091M30RegulationofEmploymentandEnvironmentA.FederalInsuranceContributionsAct(FICA)B.FederalUnemploymentTaxAct(FUTA)C.Worker¡sCompensationAct¡2A.FICA3AFICARegulatedbyFederal1.Introductiona)ASocialSecurityTax(payr

2、olltax)imposedbythefederalgovernmentonbothemployeesandemployerstofundSocialSecurityandMedicareb)SocialSecurityInterestincludes:OldAgeInsuranceSurvivor¡sandDisability¡sInsuranceUnemploymentInsurancec)Medicareprovideshospitalinsurancebenefits(Medicaidisnotpartofit)d

3、)AmountthatonepaysinpayrolltaxesthroughoutworkingcareerisindirectlytiedtothesocialsecuritybenefitsannuitythatonereceivesasaretireeThishasledsometoclaimthatthepayrolltaxisnotataxbecauseitscollectionistiedtoabenefit4AFICA2.PurposeofActa)Providesemployeesandtheirdepende

4、ntswithbenefitsincaseofdeath,disabilityorretirementb)Personscanreceivebenefitseventhoughtheyhavemadenopaymentsintosocialsecurityc)NeitherpensionplansnoranyotherprogrammaybesubstitutedforFICAcoverage3.WhomustParticipatea)Full-timeandpart-timeemployeesb)Self-employedwh

5、osenetprofit>$400(in2008)5AFICA4.WhoPayforPrograma)Employee¨taxedonlyonearnedincomefromlabor(i.e.grosswage)Notgift,CG,interest,dividendsb)Employer¨mustmatchemployee¡scontributionEmployermayvoluntarilypaynotonlyitssharebutalsoemployee¡sshare(Employer:deductibleEXP;Em

6、ployee:taxablebenefits)Alsoresponsibleforwithholdingtheemployee¡scontributionPenaltiesforfailuretomaketimelyFICAdepositsPenaltiesforfailuretosupplytaxpayerIDnumberc)Self-employedperson¨taxedonlyonnetprofits6AFICA5.ContributionDeductibilitya)Employer¨Deductibleb)Em

7、ployee¨nondeductiblec)Self-employed¨50%deductible6.BenefitsTaxabilitya)Socialsecuritydisabilityanddeathbenefits¨Non-taxableincomeb)Socialsecurityretirementbenefits¨Taxableincomeifannualincome>$25,000/$32,000(2006)7QuestionTime¡1.UndertheFederalInsuranceContributionAc

8、t(FICA),whichofthefollowingactswillcauseanemployertobeliableforpenalties?I.FailuretosupplytaxpayeridentificationnumbersII.Failureto