benefits law

A donee beneficiary is a third party that benefits from a contract made by others, such as a child named in a parent's life insurance policy.

• contract law

Earnings record is part of a person’s social security statement which details the person’s earnings over their lifetime. The earnings record is used to determine a person’s eligibility for and amount of disability, retirement, and other benefits. 

[Last reviewed in July of 2021 by the Wex Definitions Team]

The Employee Retirement Income Security Act of 1974 (ERISA) established new standards for transparency and management of privately-sponsored employee retirement plans. The Act was a response to multiple ill-managed funds where thousands lost their retirement benefits, most infamously the Studebaker collapse of 1963.

The Employee Retirement Income Security Act of 1974 (ERISA), a federal statute, delineates minimum standards for the administration of private industry's pension plans and establishes the impact that federal income taxes will have on transactions associated with the management of s

Essential job functions are the fundamental responsibilities of a job that must be completed to hold the position. For example, an essential job function for a truck driver is the ability to drive trucks. 

The Family and Medical Leave Act of 1993 is a federal statute that requires employers with 50 or more employees to allow those employees to take up to 12 weeks of unpaid leave in the event the employee has a newborn child or the employee / employee’s close relative suffers a debilitating injury.

• labor and employment law

The federal benefit rate is the amount of money the Federal government provides for supplemental security income recipients. As of 2021, the benefit rate is $794 for individuals and $1,191 for couples, but the rate usually increases annually. The federal benefit rate is just the base rate; only five states and territories do not add in some way to this rate.

Federal Unemployment Tax Act (FUTA) was the bill passed in 1939 that established a payroll tax to fund unemployment benefits. The tax is 6% of the first $7,000 that each employee makes in a year, and the employer is responsible for all of the tax unlike similar payroll taxes. For example, if XYZ Co. paid Tina $20,000, Jerry $7,000, and Patricia $5,000 last year, XYZ Co.

• business
• tax
• employment

Federal Insurance Contributions Act (FICA) taxes are the taxes on wages that fund Social Security and Medicare. The Social Security taxes and Medicare taxes are separate and operate differently. Social Security taxes are 12.4% of an employee’s wages up to a certain amount each year which currently stands at $142,800 as of 2021.

Food Stamps: An Overview

The food stamp program (now called SNAP) was originally established in the Federal Food Stamp Act of 1964 and was overhauled by the Supplemental Nutrition and Assistance Program (SNAP).