Small Business Financial Plan Project
1. Describe the various types of employee benefits plans typically offered by small businesses. What issues do you find with different types of plans?
There are several types of employee benefit plans that are offered by small businesses. Certain benefits are required by the law, while others are chosen by the employers. Business owners are required to include benefits like “social security, Medicare, and Federal Insurance Contributions Act, or FICA”. FICA is mandatory and it is a payroll tax .
Employers, according to the law, are also required to comply with FMLA, or the Federal Family and Medical Leave . There are other basic benefits that are mandated by the law, such as unemployment insurance, worker’s compensation insurance, health insurance, and family and medical leave. However, some of these mandated benefits are only required for small businesses that
