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Definition of Employer
A person or entity that directs and controls the work of individuals in
A unique identification number issued
employer-sponsored and other plans that allow contributions and earnings to
The amount of tax associated with salaries that an employer pays to governments (federal, state, and local).
a profit-sharing compensation program in which investments are made in
a fringe benefit provided by the employer
An unwritten understanding between two groups, such as an understanding between an employer and employees that employees will receive a stable wage despite business cycle activity.
A retirement plan set up by an employer, into which employees can
The proportion of unemployment benefits paid to a company’s
The proportion of total taxable wages for laid off
The percentage tax charged by a state to an employer to
A federal Act requiring employers to withhold income taxes from employee pay.
A qualified retirement plan under which the employer
A plan that an employer creates on behalf of its
A fund containing company stock and owned by employees, paid for by ongoing contributions by the employer.
A federal Act requiring employers to pay a tax on the wages paid to their employees, which is then used to create a
A form used by employees to report to an employer the amount of
The form used by employers to report tip income by their employees
Illegal Immigration Reform and Immigrant Responsibility Act of 1996 (IIRIRA)
A federal Act shielding employers from liability if they have made
Immigration Reform and Control Act of 1986
A federal Act requiring all employers having at least four employees to verify the identity and employment
This calculation is used by states to determine the unemployment
Qualified Retirement Plan
A retirement plan designed to observe all of the requirements
This calculation is used by states to determine the unemployment contribution rate to charge employers. The ongoing balance of a firm’s unclaimed
Savings Incentive Match Plan for Employees (SIMPLE)
An IRA set up by an employer with no other retirement plan and employing fewer than 100 employees,
Self-Employment Contributions Act (SECA)
A federal Act requiring self-employed business owners to pay the same total tax rates for Social Security and
Target Benefit Plan
A defined benefit plan under which the employer makes
Workers' Compensation Benefits
employer-paid insurance that provides their employees with wage compensation if they are injured on the job.
Group Life Insurance
This is a very common form of life insurance which is found in employee benefit plans and bank mortgage insurance. In employee benefit plans the form of this insurance is usually one year renewable term insurance. The cost of this coverage is based on the average age of everyone in the group. Therefore a group of young people would have inexpensive rates and an older group would have more expensive rates.
Registered Pension Plan
Commonly referred to as an RPP this is a tax sheltered employee group plan approved by Federal and Provincial governments allowing employees to have deductions made directly from their wages by their employer with a resulting reduction of income taxes at source. These plans are easy to implement but difficult to dissolve should the group have a change of heart. employer contributions are usually a percentage of the employee's salary, typically from 3% to 5%, with a maximum of the lessor of 20% or $3,500 per annum. The employee has the same right of contribution. Vesting is generally set at 2 years, which means that the employee has right of ownership of both his/her and his/her employers contributions to the plan after 2 years. It also means that all contributions are locked in after 2 years and cannot be cashed in for use by the employee in a low income year. Should the employee change jobs, these funds can only be transferred to the RPP of a new employer or the funds can be transferred to an individual RRSP (or any number of RRSPs) but in either scenario, the funds are locked in and cannot be accessed until at least age 60. The only choices available to access locked in RPP funds after age 60 are the conversion to a Life Income Fund or a Unisex Annuity.
A system where funds are electronically credited to your account by a financial institution or a payroll service. For example, you can arrange with your employer to have your pay cheques automatically deposited into your no fee bank account.
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