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Published byBeverly Chambers Modified over 9 years ago
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Legal Aspects of Business Taxes, Laws, and Acts
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Federal Unemployment Tax Act Provides unemployment compensation for people who’ve lost their jobs Payroll tax Paid by employers on employee wages
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Securities and Exchange Commission Regulates securities and protects investors
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Federal Communications Commission Regulates radio, TV, wire, satellite communications Both within and out of the U.S.
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Sherman Act Anti monopoly Eliminates merging of companies
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Federal Trade Commission Protects against false advertisement and restricts unfair competition
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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
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Internal Revenue Service Tax collection and enforcement
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Food & Drug Administration Regulates food and medication to assure safety
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Age Discrimination Act in Employment Act Prohibits employee discrimination from ages 40-70
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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
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Social Security Act Deducts 6.2% from the employee and the employer each paycheck
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Equal Employment Opportunity Commission Handles workplace discrimination
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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
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State & Local Regulations Interstate & Intrastate Interstate-trade between states and outside of Intrastate- trade within the states
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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.
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Environmental Protection Agency Protects humans and environmental health
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Wheeler-Lea Act Prohibits false advertisements i.e. food, drugs, cosmetics
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Fair Labor Standards Act Regulates minimum wage, working hours, child labor, overtime, working conditions
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National Labor Relations Act Protects the rights of workers to form unions
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Clayton Act Prohibits merger to lessen competition In addition to the Sherman anti-trust act
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Robinson-Patman Act Prohibits anti-competitive practice by producers specifically price discrimination
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Federal Aviation Administration Enforces air safety and traffic control Inspects and rates aircrafts and pilots
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Americans with Disability Act Prohibits discrimination against people with disabilities and employment, transportation, public accommodations, communications
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The Electronics Communications Privacy Act Restricts the government to tap into computer databases
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Occupational Safety & Health Laws Health and safety regulations in the workplace
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American Civil Liberties Union Organization of lawyers that defend the civil rights of U.S citizens
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Right to Work States Can’t be forced to join a labor union
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