(PFL) Ch. 2 Review

The typical rate for overtime is

• 1.5 times the regular hourly rate

• 2 times the regular hourly rate

• the same as the regular hourly rate

• the same as gross pay

Overtime is NOT included when calculating gross pay.

• True

• False

Which of the following deductions are required by law?

• retirement

• union dues

• taxes

• savings

Both employees and employers benefit from alternative work schedules such as job sharing, flextime, telecommuting, etc.

• True

• False

A standard workweek is 40 hours.

• True

• False

rate x hours worked = _____

• net pay

• gross pay

• take-home pay

• overtime pay

Salaried workers can calculate their gross pay per paycheck by dividing their annual salary by # of paychecks per year.

• True

• False

In most cases, the amount of take-home pay an employee receives is less than gross pay.

• True

• False

Employers must contribute matching amounts into each employee's ____ and ____ accounts.

• federal income tax, state income tax

• social security, medicare

Net pay is also known as

• gross pay.

• take-home pay.

• overtime.

• (none of these)