FM Unit 5 Review

Front

What is the formula for calculating total gross pay?

Back

Total gross pay = regular pay + overtime pay

Front

How do you calculate gross pay per hour?

Back

Gross pay per hour = Total gross pay / Total hours worked

Front

What is the minimum wage in the United States as of 2023?

Back

$7.25 per hour

Front

Who are considered non-exempt employees under the Fair Labor Standards Act?

Back

Non-exempt employees are those entitled to overtime pay.

Front

If a contractor charges $2,700 for 45 hours of work, how do you find their gross pay per hour?

Back

Gross pay per hour = $2,700 / 45 hours = $60

Front

What is the difference between gross pay and net pay?

Back

Gross pay is the total earnings before deductions; net pay is the amount after deductions.

Front

What is overtime pay?

Back

Overtime pay is the additional pay for hours worked beyond the standard workweek, typically calculated at 1.5 times the regular rate.

Front

What is the standard workweek for calculating overtime in the U.S.?

Back

The standard workweek is typically 40 hours.

Front

What is the significance of the Fair Labor Standards Act (FLSA)?

Back

The FLSA establishes minimum wage, overtime pay eligibility, recordkeeping, and youth employment standards.

Front

How do you determine if an employee is exempt or non-exempt?

Back

Exempt employees typically have specific job duties and are paid on a salary basis, while non-exempt employees are paid hourly and entitled to overtime.