Fair Labor Standard Act of 1938
A federal act creating standards of overtime pay, minimum wages, and payroll record keeping.
Family and Medical Leave Act
A federal act that contains the rules governing health insurance to employees on leave.
Federal Employer Identification Number
A unique identification number issued by the federal government, used for payroll purposes to
identify the company when dealing with the IRS.
Federal Insurance Contributions Act of 1935 (FICA)
A federal act authorizing the government to collect social security and Medicare payroll taxes.
Federal Unemployment Tax Act (FUTA)
A federal act requiring employers to pay a tax on the wages paid to their employees, which is then
used to create a pool of funds to be used for unemployment benefits.
FICA
The acronym for the Federal Insurance Contributions Act. Also used to describe the combined amount of
social security and Medicare deductions from an employee's pay.
Flexible Spending Account
A form of cafeteria plan, allowing employees to pay for some medical or dependent care expenses with pretax
pay deductions.
Form 1099
A form for businesses to report to the government payments made to certain types of suppliers.
Form 4070
A form for employees to report to an employer the amount of their tip income.
Form 668-W
The standard form used for notifying a company to garnish an employee's wages for unpaid taxes.
Form 8027
The form used by employers to report their employees' tip incomes to the government.
Form 940
A form to report federal unemployment tax remittances and liabilities.
Form 940-EZ
A shortened version of the form 940.
Form 941
A form to identify to the government the amount of all quarterly wages on which taxes are withheld, the
amount of taxes withheld, and any adjustments to withheld taxes from previous reporting periods.
Form I-9
Employment Eligibility Verification form, which must be filled out for all new employees, in which they establish
their identity and eligibility to work.
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