GEB 3113 Week 9

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GEB 3113 Week 9

• C16. Governmental Regulations
• Exam 2 Review
• Exam 2 Notice
• B. Wayne Rockmore, Ph.D., APS

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Exam 2 Notice

• ? EXAM 2 Began TODAY!
• Dont Forget Your UCF ID and NID
• Where CBAII Testing Lab, Room 104
• When Beginning Tuesday (3/4) at 1000 am
• Ending Saturday (3/8) at 830 pm

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C 16. Levels of Government Regulations
International exports, conducting business
in foreign lands Federal uniform for
everyone In most cases, the primary
concern is the IRS State key issue is sales
tax Local regulation of business licenses
and zoning (Issue in networking to avoid
situations where the phrase You cant fight
City Hall applies
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Primary Reason for Government Regulations

• Assign people businesses on proper tax rolls,
  including
• Social Security
• Income
• Sales
• Workers Compensation
• Unemployment Insurance (UI)
• Personal Property Inventory

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Social Security Act of 1935

• Basic floor of continuing income
• ill and disabled workers
• dependents of disabled workers
• retired workers
• survivors of workers
• Pay-as-you-go system
• Taxes employee AND employer equally through
  Federal Insurance Contribution Act (FICA) Social
  Security (FICA) - 6.2, Medicare - 1.45

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Workers Compensation

• Workers Compensation Laws state law intended to
  continue the flow of income, for a specified
  period, for workers whose injuries are
  job-related.
• Recognize
• safety violations
• high rate of injuries illnesses
• high experience ratings
• higher workers compensation premium payments

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Unemployment Compensation

• Unemployment Insurance (UI) Benefits financed by
  federal and state taxes levied on employers under
  Federal Unemployment Tax Act (FUTA) (Floridas
  UI tax ranges from .4 - .1 base on Employment
  Experience Rating (EER)
• Unemployment Compensation insures income to a
  subset of workers who are temporarily unemployed
  and searching for any suitable employment

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Governmental Approvals
Employers identification number (EID)
Federal, serves the purpose of a business
ventures social security number Sales tax
State, could also be local Licenses Local,
required to operate as a business Zoning
clearance Local Business name registration
Legal name Fictitious name statement State
or Local
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Forecasting Sales Tax

• Applying for a State Sales Tax Number be
  conservative in your estimate of sales
• The higher the forecasted estimate the more front
  money the State will demand
• Write a check
• Place the amount in an escrow account (at least
  interest is earned)
• There are no penalties for poor forecasting
  skills
• With the Sales Tax Number a business is not
  taxed on items or materials purchased for resale
• Seller has the burden of proof that a sale is tax
  exempt

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Assistance in Identifying Government Regulations

• Small Business Administration
• Small Business Development Center (SBDC)
• Chamber of Commerce
• Economic Development Organizations
• Industrial Development Commissions

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Exam 2 Review

• This is your time to asks Questions concerning
  Exam 2!
• Where CBAII Testing Lab, Room 104
• When Beginning Tuesday (3/4) at 1000 am
• Ending Saturday (3/8) at 830 pm

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EXAM 2
? EXAM 2 Test Tips Dont Forget Your
UCF ID and NID ? Review the Text, PPts, Video
carefully understand (rather than
memorizing) the material ! ? Do not just read
and study the Blue side notes in the text! ?
Read the Questions carefully! ? Do Not wait
until the last minute Relax before the Exam!
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SPRING BREAK

• Enjoy a little RR!