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Family and Medical Leave Act (FMLA)
The Family and Medical Leave Act (FMLA) is a federal law that gives eligible employees the right to take unpaid leave for certain family and medical reasons. The law applies to all organizations with 50 or more employees, though some states have their own version of the law.
You can learn more about the specifics of the law in our article on HR rules.
Federal poverty level (FPL)
The federal poverty level, or federal poverty guidelines, measures a household’s poverty status based on annual income. These numbers are updated yearly by the U.S. Department of Health and Human Services (HHS). These guidelines are used to determine eligibility for various state and federal programs, such as premium tax credits, Medicaid, and the Children’s Health Insurance Program (CHIP).
You can see the current FPL and learn more in our article.
Flexible spending account (FSA)
A flexible spending account (FSA), also called a flexible spending arrangement, is a type of spending arrangement where employees can use tax-advantaged money for various expenses. Employee contributions to FSAs are made through payroll deductions, and employers can also make contributions. However, employees forfeit the FSA funds not used by the plan year's end.
For more information, read our guide on FSAs.
Flexible work schedules
A flexible work schedule, or flex schedule, allows employees to begin and end their work hours in a way that best fits their personal lives. Flex schedules also allow for flexibility in terms of location. For example, flexible work arrangements can include remote work and hybrid work, which is a mix of time working in the office and at home.
Form 5500
Form 5500 is an annual report that ERISA plans, including HRAs, must file to the Department of Labor. It provides your benefit plan information to the federal government to help various agencies and Congress to assess employee benefits trends and ensure compliance.
For more information, read our article.
Form 720
IRS Form 720, also known as the Quarterly Federal Excise Tax Return, is used by organizations to report any federal excise taxes collected. For organizations that offer HRAs or other self-insured medical reimbursem*nt health plans, Form 720 is used to pay an annual fee for the Patient-Centered Outcomes Research Institute (PCORI).
For more information, read our article.
Form 941
IRS Form 941, or the Employer’s Quarterly Tax Return, is a form employers use to report any federal income tax, Social Security tax, and Medicare tax withheld from their employees. This information is then used to calculate your employment taxes.
For more information, read our article.
Form 944
IRS Form 944 is used to report your organization’s federal income tax, Social Security tax, and Medicare tax you’ve withheld from your employees. This annual form is used by small businesses with $1,000 or less in annual tax liability instead of Form 941.
For more information, read our article.
Form W-3
IRS Form W-3, the Transmittal of Wage and Tax Statements form, summarizes your organization’s wages and employee contributions for the Social Security Administration (SSA). This allows employers to report wages, tips, withheld taxes, and employee benefits. You only need to complete one Form W-3 for your entire organization.
For more information, read our article.
Fringe benefits
Fringe benefits are a form of indirect or non-monetary compensation provided to employees in addition to their salary. This is an umbrella term for any non-traditional employee benefits. Examples of fringe benefits include health benefits, wellness programs, paid time off, tuition assistance, and commuter benefits.
For more information, see our guide.
Full-insured health plan
A fully-insured health plan is a traditional route of insuring employees. Employers pay a fixed premium to an insurance company for the employees that are enrolled in a health plan, and the company covers those employees’ medical claim expenses.
Fully-insured health plans offer financial predictability, making them an attractive benefit option for employees. However, they can come with higher taxes, possible rate hikes, and tough carrier negotiations.
For more information, visit our article.
Full-time equivalent employee (FTE)
The number of full-time equivalent employees at an organization is made up by a combination of full-time and part-time employees. To get your total number of FTEs, you’ll add the number of full-time employees (those with 30+ hours per week) to the full-time equivalent of part-time workers (part-time hours worked divided by 120).
If you have more than 50 FTEs on average during the calendar year, you’re considered an applicable large employer (ALE) and must offer health insurance to your employees.
For more information, see our article.
