Briefly discuss the components of legally required benefits. How can HR managers minimize the costs that are associated with legally required benefits?
What will be an ideal response?
Answer: Legally required benefits are mandated by: 1) Social Security Act of 1935, 2) various state workers' compensation laws, 3) Family and Medical Leave Act of 1993. Social Security Act of 1935 addresses: 1) unemployment insurance (for individuals who become unemployed through no fault of their own), 2) OASDI (provides retirement income, survivor's insurance, and disability insurance), and 3) Medicare (provides insurance coverage for hospitalization, convalescent care, and major doctor bills). Workers' compensation is designed to cover expenses due to work-related accidents. The Family and Medical Leave Act provides employees with job protection in case of family
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"Actual cash value" means "historical cost less depreciation."
Indicate whether the statement is true or false
On a statement of cash flows prepared with the indirect method, investing activities do NOT include:
A) sale of investments that are not cash equivalents. B) receipt of interest on investments. C) collection of note receivable. D) lending money to an employee.