Unit 2 Discussion Board HRMT, business and finance homework help

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Business Finance

Description

Primary Discussion Response is due by Friday (11:59:59pm Central), Peer Responses are due by Tuesday (11:59:59pm Central).

Primary Task Response: Within the Discussion Board area, write 400–600 words that respond to the following questions with your thoughts, ideas, and comments. This will be the foundation for future discussions by your classmates. Be substantive and clear, and use examples to reinforce your ideas.

Federal and state taxes are not the only items withheld from your paycheck. There are other options such as benefits, the Federal Insurance Contribution Act (FICA), the Employee Retirement Income Security Act (ERISA), and Social Security. Watch the videos A Primer on Social Security and A Primer on the FICA Tax located in this week's M.U.S.E. to get a better understanding of both FICA and Social Security.

Please respond to the following questions:

  • What role does Social Security play in employee retirement?
  • What is the relationship between FICA, ERISA, and Social Security?
  • What are some real world examples of retirement planning programs?
  • What would be considered an example of fiduciary responsibility under ERISA?

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Explanation & Answer

Attached.

Running head: SOCIAL SECURITY

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Social Security
Names:
Institution:

SOCIAL SECURITY

2
Social Security
The role of social security in employee retirement

The social security act has been in play for many decades, and its primary purpose is
to provide guaranteed income for those that have already retired. Notably, most of the people
lack a source of income in their advanced years and that threatens their survival. As such this
policy came up with a way that seeks to establish a substantial amount of income in the form
of benefits for employees after they have left their places of work. Unlike the past when the
benefits were based on the benefits that an individual amassed throughout their career period,
the current state guarantees income to survivors, the disabled, and the spouses of the retirees.
The social security is in...


Anonymous
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