Payroll 101 Exit Slip

Flashcard
•
Financial Education
•
9th - 12th Grade
•
Hard
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12 questions
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1.
FLASHCARD QUESTION
Front
The total earnings paid to an employee after payroll taxes and other deductions is referred to as _______.
Back
net pay
2.
FLASHCARD QUESTION
Front
Employee regular earnings are calculated as: regular hours times regular rate, total hours divided by regular rate, total hours plus overtime rate, overtime hours minus overtime rate
Back
regular hours times regular rate
3.
FLASHCARD QUESTION
Front
The withholding allowance of an employee affects
Back
federal income tax withheld
4.
FLASHCARD QUESTION
Front
Total earnings are sometimes referred to as gross pay.
Back
True
5.
FLASHCARD QUESTION
Front
The larger the number of withholding allowances claimed, the larger the amount of income tax withheld.
Back
False
6.
FLASHCARD QUESTION
Front
An amount of money paid to an employee as a specified rate per hour worked is called a(n)
Back
wage
7.
FLASHCARD QUESTION
Front
An amount paid based on a percentage of the employee’s sales is known as a(n)
Back
commission
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