Question

Select two: one that you have experience with or knowledge of, and one that is new to you, but you feel could apply to you. Answer the following prompts in your response:

Consider all of the topics covered in this week's lecture:

* APA Code of Ethics

* FLSA

* FICA

* Income Tax Withholding Laws

* Unemployment Tax Acts

* Fair Employment Laws

* IRCA

* FMLA

* Federal Personal Responsibility & Work Opportunity Reconciliation Act of 1966

* Uniformed Services Employment & Reemployment Rights act of 1994

* Important Payroll Records

* Describe your experience/knowledge with the topic you are familiar with. Do you feel the law/act tied to it is helpful or hurtful. Explain your response.

* Summarize the new topic you selected. Explain how you feel this applies to you.

Answer 1

The topic which I am familiar is Income Tax With Holding Laws. Withholding tax is deduction of certain amount from income/wage earned by an employee. The amount of deduction is based on the approximate final tax liability on the income earned by the employee during the year. Such with holding tax also include amount deducted for social security and medicare of an individual. Such deducted amount is then remitted by the employer to the government and details of such deduction is also furnished to the Government. I feel that the law tied to this topic is helpful. From government perspective, this law helps in steady source of revenue which can be then used by government to carry out development activities in the country. This also strengthen security and medical assistance to the citizens in the time of need. It further helps in reducing tax evasion instances by the individuals. Therefore the withholding tax laws are beneficial for both tax payer and Government.  

The new topic which I have selected is FLSA. FLSA stands for Fair Labor Standard Act which was implemented to ensure fair treatment of employees with respect to payments made for their work. It ensures minimum wage right to an individual for the work performed. It also prohibits use of minor labors in an organization. The law primarily applies to entities involved in manufacturing sector. The law further rule out pay discrimination among the work force on the ground of sexuality and age. Like other individuals the law applies to me and it ensures a minimum wage payment while I am working in an organization. I find myself self sustainable while this law applies to me. I feel that the law as a whole helps people including me to live above various discrimination which prevails in actual working environment a provide a sense on security on financial front.