Video: Introduction to Federal Regulations and Programs

In this lesson, Nick Palazzolo breaks down the essentials of federal regulations and programs that impact financial security and healthcare provision in the United States. He kicks off by unraveling the complexities of the Federal Insurance Contributions Act (FICA), including humorous anecdotes to aid memory retention, highlighting how it funds Social Security and Medicare through deductions from paychecks. Nick seamlessly transitions to discuss the Federal Unemployment Tax Act (FUDA), clarifying its role in offering unemployment benefits to those who are sidelined from their jobs without fault. Shifting focus to Medicare, Nick details the program's benefits for seniors and certain younger individuals, as well as how workers' compensation functions as a state-mandated insurance providing vital financial and medical support for employees injured on the job. Throughout the lesson, Nick illuminates these programs' intentions to forge a safety net for citizens, grounding complex tax law in everyday experiences and practical implications.

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Video Transcript

Instructor: Nick Palazzolo

Nick Palazzolo is head instructor of ExamPrep.ai CPA Review. Nick's teaching style is engaging & upbeat, combining practical Big 4 tax & assurance expertise with years of 1-on-1 coaching. His lessons are concise and emphasize what you need to know to pass. Whether you're a recent grad or working full-time, we’re confident you can conquer your CPA exams with Nick’s review.

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Diving into our federal regulations and programs, we've got a few here. We're really gonna be focusing on our four. We've got another one, the Affordable Care Act, we will see, but primarily, we have these four government programs. Now, government regulations and programs, these are gonna play vital roles in providing financial security, healthcare, and helping to support citizens in various circumstances. Some of you out there might believe we need more government programs. Some of you might believe less. It is not my job to talk about that. My job is to get you memorized, let you know what you need to know for the exam, and we are all gonna move on with our lives. These programs here are gonna aim to create a safety net for individuals and families in need, helping to ensure their well-being and stability. Starting off, we've got FICA, the Federal Insurance Contribution Act. Now, this FICA might be something you are familiar seeing in your paycheck, that you see a FICA deduction. Funny story, a family member of mine back, this is probably back in the 80s, you know, when she was younger, she started working and she went to her father and said, hey, hey, dad, who is this FICA person and why are they taking so much of my money? Oh, that is what happens, right? Just to help you remember, yeah, FICA is on your paycheck. They take out portion of your money, portion of your paycheck. It's a payroll tax that funds two major social insurance programs. We've got the Social Security Program and the Medicare Program. Now, hopefully, the Social Security Program will still be around in 40 years when it's my time to retire, but hey, you know, only time will tell. Employers and employees

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