The FLSA is a federal wage-hour law enacted in 1938. The FLSA covers minimum wage, overtime, recordkeeping, employment of minors, and equal pay.
FMV is used to determine the value of noncash, employer-provided benefits for payroll tax purposes, or the value of facilities provided to employees in lieu of wages.
The FMLA requires employers with at least 50 employees to provide up to 12 weeks of unpaid leave to employees under certain health- or family-related circumstances.
FICA imposes employer and employee taxes to fund the federal government's old-age, survivors, and disability insurance (OASDI/Social Security) and health insurance (HI/Medicare) trust funds.
This is the financial institution where federal tax deposits are made.
Employers not required to use the EFTPS may make deposits using the traditional paper-coupon method using Form 8109, which is automatically sent to employers by the IRS.
FUTA requires employers to pay a certain percentage of their employees' wages (up to a maximum wage limit) as a payroll tax to help fund unemployment compensation benefits for separated employees.
This is the marital status of an employee and is reported for withholding purposes.
A financial agent is an organization that verifies the accuracy of EFTPS enrollment information, enters it in its enrollment record database, and notifies employers of EFTPS procedures and receives EFTPS transactions.
This is a method of withholding federal income tax on supplemental wages in which the supplemental payment and regular wages are treated separately. The employer withholds 28% of the supplemental wages.
See Cafeteria Plan
An FSA is an arrangement established as part of a cafeteria plan under Section 125 of the Internal Revenue Code (IRC). The FSA allows employees to set aside pretax dollars to pay for qualifying expenses, such as deductibles on medical insurance or dependent care assistance.