Describe the Concept of Functional Benchmarking

question 23

Essay

Describe the concept of functional benchmarking.

---

Definitions:

FICA-OASDI

The Federal Insurance Contributions Act component for Old-Age, Survivors, and Disability Insurance, a payroll tax paid by employers and employees to fund Social Security.

FUTA

The Federal Unemployment Tax Act, a United States federal law that imposes a payroll tax on any business with employees for the purpose of funding state workforce agencies.

SUTA

State Unemployment Tax Act, which mandates employers to pay state unemployment taxes.

Temporary

Pertaining to an employee, position, or status that is intended for a limited time period, often with an end date in mind.