RMI 2101 Study Guide - Final Guide: Flexible Spending Account, Tax Deduction, Occupational Disease
6 Jan 2017
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Unemployment - sui (state unemployment insurance): federal program & administrated by state and state laws. Weekly cash benefits during period of involuntary unemployment ; through no fault of your own - not fired, not quitting, not retirement, not returning to school. Purpose: (1) safety net for unemployment workers (2) stabilize economy during recession (3) encourages employers to stabilize employment. Eligibility: (1) earn qualifying wages (2)able to work and available for work (3) actively seek work (4) satisfy waiting period (usually 2 weeks) Financing: (1) primarily employer payroll taxes (2) employee tax (some states) Issues: (1) inadequate benefits (2) states inadequately funded (3) waste, fraud, administrative burdens. Workers" compensation (system on a state to state basis) Covers occupational disease and work-related accidents - arising out of or in the course of employment . Virtually all wage and salaried ees covered (some exceptions) 4 types of benefits (1) loss of income benefits (2) medical expenses (3) rehabilitation (4) survivor benefits.
