Unit 3 Income -Taxes- Insurance

If an employee is paid $10 an hour the employee is earning a _____.

• wage

• salary

If an employee is paid $40,000 a year to complete certain tasks and work at least so many hours a day or more if needed the employee is earning a _____.

• wage

• salary

1 1/2 or 150% of your normal hourly rate for each hour worked beyond 40 in a week is called ______.

• overtime pay

• commission

• tips

• bonus

Compensation based on the products you sell is called _____.

• overtime pay

• commission

• bonus

• tips

Money paid to employees by customers above the cost of product of service provided (usually receive in restaurants) is called _____.

• tips

• commission

• bonus

• overtime pay

Extra money paid to employees based on how well the company does

• tips

• commission

• bonus

• overtime pay

Benefits offered by employers include ____.

• withholding FICA, Federal and State income taxes for you

• offering life insurance, 401 plans, and PTO

Employers are not required to offer health insurance regardless of the number of employees they have.

• True

• False

Life Insurance is an optional benefit that can be offered by employers,

• True

• False

You should opt for life insurance if ______.

• you are single and owe or own very little

• you are married, have a home mortgage and/or children

• you are retired, your home is paid for and your children are independent