Module 5 Test

Front

What is the purpose of worker’s compensation?

Back

To provide benefits to employees who are injured or become ill due to their job, not to cover unemployment.

Front

Are overtime hourly rates usually the same as regular hourly rates?

Back

No, overtime rates are typically higher than regular hourly rates.

Front

Calculate Catalina's gross pay if she works 3.3, 2.9, 4.0, 3.5, and 2.1 hours at $7.50 per hour.

Back

Total hours worked = 3.3 + 2.9 + 4.0 + 3.5 + 2.1 = 16.8 hours. Gross pay = 16.8 hours * $7.50/hour = $126.00.

Front

If Miquel pays $47 semimonthly for health insurance, which is 15% of the total cost, what is the total yearly cost?

Back

Total cost = $47 / 0.15 = $313.33 per semimonthly. Yearly cost = $313.33 * 24 = $7,520.

Front

What was Yolanda’s taxable income if she paid $3,875 in Social Security tax at a rate of 6.2%?

Back

Taxable income = $3,875 / 0.062 = $62,500.

Front

Define gross pay.

Back

Gross pay is the total amount earned by an employee before any deductions such as taxes or benefits.

Front

What is the difference between gross pay and net pay?

Back

Gross pay is the total earnings before deductions, while net pay is the amount received after deductions.

Front

What is the formula to calculate overtime pay?

Back

Overtime pay = (Regular hourly rate * 1.5) * Overtime hours worked.

Front

What does it mean if an employee is classified as part-time?

Back

A part-time employee works fewer hours than a full-time employee, typically less than 30-35 hours per week.

Front

What is the significance of the Social Security tax?

Back

The Social Security tax funds the Social Security program, which provides benefits for retirees, disabled individuals, and survivors.