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URL: http://www.entrepreneur.com/article/80158

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by

Lorena Rodriguez

on 30 October 2013

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Transcript of URL: http://www.entrepreneur.com/article/80158

Employee Benefits
URL: http://www.entrepreneur.com/article/80158
Date of the Article: September 30, 2005
By: Lorena Rodriguez






Benefit Basics
The law requires employers to provide employees with certain benefits. You must:
Give employees time off to vote, serve on a jury and perform military service.
Comply with all workers' compensation requirements.
Withhold FICA taxes from employees' paychecks and pay your own portion of FICA taxes, employees with retirement and disability benefits.
Pay state and federal unemployment taxes, thus providing benefits for unemployed workers.
Contribute to state short-term disability programs in states where such programs exist.
Comply with the Federal Family and Medical Leave (FMLA).
Expensive Errors
Absorbing the entire cost of employee benefits.
Covering non-employers.
Sloppy paperwork.
Not telling employees what their benefits cost.
Giving unwanted benefits.
Health Insurance
A traditional indemnity plan, or fee for service.
Manged care.
Self insurance.
Archer Medical Savings Account.
Retirement Plans
Individual Retirement Account (IRA).
Saving Incentive Match Plan for Employees (SIMPLE).
KOEGH Plan
The Basics of Employment Benefits
Comparing Employee Benefits in the Public and Private Sectors
Author: William J. Wiatrowski
Date of the Article: December, 1988
By: Camille Rivero
Benefit Basics
You are not required to provide:
Retirement Plans.
Health Plans (except in Hawaii).
Dental or Vision plans.
Life insurance plans.
Paid Vacations, holidays or sick leave.
Where to go?
Full transcript