Under the FLSA, employers are subject to a civil money penalty of up to $11,000 per worker for each violation of the child labor provisions. True False
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Under the FLSA, employers are subject to a civil money penalty of up to $11,000 per worker for each violation of the child labor provisions. True False
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- Revenu Quebec can impose a penalty of up to $30,000 on any employer who fails to file their remittance slip, in addition to any daily interest. True FalseIn 2015, plaintiff was injured by medical malpractice and received a jury verdict of $500,000 ($200,000 for medical care costs, $200,000 for lost income, and $100,000 for pain and suffering). All the medical care costs had been paid by plaintiff's health insurance company, but the submission of such evidence was barred at trial. In 1989, this jurisdiction, in response to a perceived crisis in medical malpractice insurance, abolished the collateral source rule. In post-trial motions in the instant case, the Court should: Reduce the judgment to $300,000. Reduce the judgment to $250,000. Reduce the judgment to $50,000 Not reduce the judgmentdog
- During the year 2021, Bong Company was involved in a lawsuit. Bong was sued by an employee for illegal dismissal from employment. Legal proceedings started and owing to the developments in the case, as of December 31, 2021, Bong’s lawyer believes that an unfavorable outcome was probable and a reasonable estimate of damages was P5,000,000 but could be as much as P6,500,000. Before the 2021 financial statements were issued, the employee accepted a cash settlement of P6,000,000 from Bong. In its December 31, 2021 financial statements issued in March 2022, what amount of liability would Bong have reported?Linda Sue Carr worked for a large food brokerage firm. In January of this year she was terminated. After a court battle Linda Sue was reinstated in her job and received from the firm in November $7,500 in punitive damages. Must Linda Sue include the $7,500 in punitive damages in her 2023 gross income?On July 1, 2020, Ben entered a litigation case with Yona over unauthorized use of Yona’s latest technology. On September 1, 2020, Ben’s lawyers estimated that there is a 70% probability that Ben will lose in the next hearing that will be held on February 2, 2021. Ben stood to pay a maximum of $1,000,000 penalty by the court if proven guilty. Instructions: a. Why should Ben report this case on its Statement of financial position? b. How is the impact of this litigation Ben’s financial statement for 31 December 2020? c. If, October 15, 2020, the legal team finds new evidence for the claim against Ben, and revise the likelihood of Ben winning the case to 70%, how should this be shown in the financial statements?
- Karlson Software Company is located in State H, which enables employers to reduce their contribution rates under the experience-rating system. From 2005 to 2014, inclusive, the company’s total contributions to state unemployment compensation amounted to $14,695. For the calendar years 2015 to 2018, inclusive, the contribution rate for Karlson was 2.7%. The contributions of each employer are credited to an account maintained by the State Unemployment Compensation Commission. This account is credited with contributions paid into the account by the employer and is charged with unemployment benefits that are paid from the account. Starting January 1, 2019, the contributions rate for all employers in State H will be based on the following tax rate schedule: The annual payroll for calculation purposes is the total wages payable during a 12-month period ending with the last day of the third quarter of any calendar year. The average annual payroll is the average of the last three annual…The Director of Insurance may revoke, suspend, or refuse to issue a producer license for failing to pay all the following EXCEPT: California taxes child support Director-levied civil penalties license renewal feesUnder ASC 710-10-25-1, an employer shall accrue a liability for employees' compensation for future absences if all the following conditions are met: I. The employer's obligation relating to employees' rights to receive compensation for future absences is attributable to employees' services already performed. II. The paid absence can be taken in a later year-the benefit vests (will be compensated even if employment is terminated) or the benefit can be accumulated over time. III. Payment of the compensation is probable. IV. The amount can be reasonably estimated. If the amount cannot be reasonably estimated, None of the other answers is correct. O There is no need to disclose it. The employer shall accrue a liability in balance sheet. The employer shall disclose it in the notes to financial statements.
- t or f Full-time students and prisoners are counted as unemployedThese provide an employee with financial security upon ceasing employment. A wide variety of these exist, and withholding from gross pay for these plans is a voluntary deduction. The withholding of a portion of an employee's earnings, in compliance with a court order or other legal proceeding. Limited to the lesser of 25% of disposable earnings or the amount of disposable earnings that exceed 30 times the federal minimum wage. A flexible spending account that is designated for a specific purpose. It is a type of cafeteria plan.Question 19: Which statement is incorrect regarding wage garnishments? Answer: А. They are only ordered by a court or other legal proceeding. В. The amount of the garnishment is based on disposable earnings. С. The limit can be increased for child support. D. O If multiple garnishments are in effect, they are satisfied in the order in which they were received.
