Liability Alex Washington ACC 205 Principles of Accounting I Instructor: James Rodisch July 28‚ 2013 1. Payroll accounting. Assume that the following tax rates and payroll information pertain to Brookhaven Publishing: * Social Security taxes: 6% on the first $55‚000 earned per employee * Medicare taxes: 1.5% on the first $130‚000 earned per employee * Federal income taxes withheld from wages: $7‚500 * State income taxes: 5% of gross earnings * Insurance withholdings:
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Social Security for Unorganised Workers The National Commission for Enterprises in the Unorganised Sector was set up by the UPA Government under the Chairmanship of Arjun Sengupta in September 2004. The Commission prepared two draft bills: (1) Unorganised Sector Workers Social Security Bill‚ 2005‚ and (2) Unorganised Sector Workers (conditions of work and livelihood promotion) Bill‚ 2005. According to the draft bill‚ it will cover all workers in the unorganised sector with a monthly income of Rs
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idea‚ however failed to help the economy at the time. The people wanted a new president; and on March 4‚ 1933 Franklin D. Roosevelt took office. Roosevelt tried to reform and restore the American economy saying‚ “All we have to fear is fear itself.” Roosevelt implemented his New Deal plan to assuage Americans from the plight of the Depression. His administration was very effective during the dark years of the Depression. The new programs and acts helped strengthen the role of the federal government
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His “New Deal” was actually a multifaceted initiative that provided relief‚ helped in recovery and brought new reforms. President Roosevelt made social welfare a priority for the federal government‚ thus redefining the role of the federal government. Under the new deal‚ the banking system was recovered through the Banking Act 1933. It established the Agricultural Adjustment Administration (AAA) for recovering the agricultural sector of the country. Other significant measures of the “New Deal” include
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For past 80 years Social Security was one of the most admired government programs around‚ but lately Social Security is facing significant problems‚ due to rising of life expectancy‚ and shrinking ratio of workers to retirees caused by retiring baby boomers‚ which is makes the current Social Security system‚ a system that is not good enough to cover the increasing costs‚ and possibly could lead the Social security Trust Fund bankrupt. The Chairman of the House Budget Committee and now is the newly
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Discuss differences and similarities as to the economic‚ political and social goals pursued by the New Deal in the USA and the subsequent implementation of the ISI model in Latin America. Which economic and political policies shaped both approaches to economic growth? Why did the New Deal turn out to be more successful than the ISI model? The primary goals of any macroeconomic policy are to ensure stable prices‚ full employment‚ and economic growth. Throughout history world economies have been
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The reform of the social security system‚ which has begun to be implemented‚ has made visible changes in some parameters of the system. Among the most important is changing the formula for calculating the pension. The removal of the upper limit of the retirement provision has brought a significant change in the amount of pensions set after 1 January 2015‚ a change that goes up to 7 000 ALL (49 GBP) a month more for the same retirement pension until 31.12 .2014. This increase looks artificial due
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The debate on the privatization of Social Security is a controversial one with advocates for both sides. When Franklin Roosevelt signed off on a bill on August 14‚ 1935‚ known as the Social Security Act‚ a social insurance system was created where workers’ would allocate a small portion of their earned wages to enable financial protection for when they retire (See Figure 1) (Privatizing Social Security). It specifically states that its purpose was "to provide for the general welfare by establishing
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women and Native Americans had the same fate. Agriculture collapse in the South also led many African Americans without a job. The discrimination gave minorities even less educational and economic opportunities than before. The New Deal both hurt and helped minorities: The New Deal hurt African Americans‚ because the Federal Housing Agency stopped blacks from moving into white neighborhoods. Also the AAA paid the landowners not to grow food
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created the Social Security act in 1935 after the great depression many Americans have depended on it as their only source of income after they retire. People were not overwhelmed with worry about saving for retirement because the act had been considered a great success for many years. A survey of 1‚200 people done through AARP “confirms that Social Security is at the very core of most Americans’ retirement” (Pianin‚ 2015). However in recent years worry about retirement and social security has been
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