Donee beneficiary is a third party beneficiary who is the beneficiary of a contract between two other parties which the donee beneficiary is not a party to. For example, if a parent buys a life insurance contract with proceeds from such...
benefits law
earnings record
Earnings record is part of a person’s social security statement which details the person’s earnings over their lifetime. The earnings record is used to determine a person’s eligibility for and amount of disability, retirement, and other...
Employee Retirement Income Security Act (ERISA)
The Employee Retirement Income Security Act of 1974 (ERISA) established new standards for transparency and management of privately-sponsored employee retirement plans. The Act was a response to multiple ill-managed funds where thousands lost...
ERISA
The Employee Retirement Income Security Act of 1974 (ERISA), a federal statute, delineates minimum standards for the administration of private industry's pension plans and establishes the impact that federal income taxes will have on...
essential job functions
Essential job functions are the fundamental responsibilities of a job that must be completed to hold the position. For example, an essential job function for a truck driver is the ability to drive trucks.
This criteria is...
Family and Medical Leave Act (1993)
The Family and Medical Leave Act of 1993 is a federal statute that requires employers with 50 or more employees to allow those employees to take up to 12 weeks of unpaid leave in the event the employee has a newborn child or the employee /...
federal benefit rate
The federal benefit rate is the amount of money the Federal government provides for supplemental security income recipients. As of 2021, the benefit rate is $794 for individuals and $1,191 for couples, but the rate usually increases annually...
Federal Unemployment Tax Act (FUTA)
Federal Unemployment Tax Act (FUTA) was the bill passed in 1939 that established a payroll tax to fund unemployment benefits. The tax is 6% of the first $7,000 that each employee makes in a year, and the employer is responsible for all of the...
FICA Tax
Federal Insurance Contributions Act (FICA) taxes are the taxes on wages that fund Social Security and Medicare. The Social Security taxes and Medicare taxes are separate and operate differently. Social Security taxes are 12.4% of an employee’...
food stamps
Food Stamps: An Overview
Food stamps, originally established in the Federal Food Stamp Act of 1964 and overhauled by the Supplemental Nutrition and Assistance Program (SNAP), is the most significant food plan in the United States. It...