legal aspects of business taxes, laws, and acts. federal unemployment tax act provides unemployment...

Legal Aspects of BusinessTaxes, Laws, and Acts

Federal Unemployment Tax Act

• Provides unemployment compensation for people who’ve lost their jobs

• Payroll tax

• Paid by employers on employee wages

Securities and Exchange Commission

• Regulates securities and protects investors

Federal Communications Commission

• Regulates radio, TV, wire, satellite communications

• Both within and out of the U.S.

Sherman Act

• Anti monopoly

• Eliminates merging of companies

Federal Trade Commission

• Protects against false advertisement and restricts unfair competition

TaxesProportional, Regressive, Progressive

• Proportional-same percentage for all classes

• Regressive-higher income pay lower percentage taxes, lower income pays higher taxes

• Progressive- higher income pays higher taxes

Internal Revenue Service

• Tax collection and enforcement

Food & Drug Administration

• Regulates food and medication to assure safety

Age Discrimination Act in Employment Act

• Prohibits employee discrimination from ages 40-70

Licensing, Public Franchise, Building Codes, Zoning

• Licensing-permit to operate

• Public franchise-a right granted from the gov. to carry out specific commercial activities.

• Building codes-regulation for construction

• Zoning-regulates different types of land use for development

Social Security Act

• Deducts 6.2% from the employee and the employer each paycheck

Equal Employment Opportunity Commission

• Handles workplace discrimination

Types of Bankruptcy

• A legal proceeding that involves a person or business that is unable to pay outstanding debts

• Chapter 7-individuals

• Chapter 11- companies

• Chapter 13- need court approval and courts monitor your finances

State & Local RegulationsInterstate & Intrastate

• Interstate-trade between states and outside of

• Intrastate- trade within the states

Types of TaxesIncome, Sales, Excise, Property

• Income-largest annual source of income levied on personal income by the gov.

• Sales-tax on retail goods and services

• Excise- tax on specific goods (ex. Gas)

• Property- annual amount paid by the landowner to the local gov.

Environmental Protection Agency

• Protects humans and environmental health

Wheeler-Lea Act

• Prohibits false advertisements i.e. food, drugs, cosmetics

Fair Labor Standards Act

• Regulates minimum wage, working hours, child labor, overtime, working conditions

National Labor Relations Act

• Protects the rights of workers to form unions

Clayton Act

• Prohibits merger to lessen competition

• In addition to the Sherman anti-trust act

Robinson-Patman Act

• Prohibits anti-competitive practice by producers specifically price discrimination

Federal Aviation Administration

• Enforces air safety and traffic control

• Inspects and rates aircrafts and pilots

Americans with Disability Act

• Prohibits discrimination against people with disabilities and employment, transportation, public accommodations, communications

The Electronics Communications Privacy Act

• Restricts the government to tap into computer databases

Occupational Safety & Health Laws

• Health and safety regulations in the workplace

American Civil Liberties Union

• Organization of lawyers that defend the civil rights of U.S citizens

Right to Work States

• Can’t be forced to join a labor union