Legal Aspects of Business Taxes, 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

Taxes Proportional, 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 Regulations Interstate & Intrastate Interstate-trade between states and outside of Intrastate- trade within the states

Types of Taxes Income, 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