Pay & Benefits

If you are a salaried worker

• you will probably be paid twice per year.

• your overtime pay rate is higher than that of an hourly worker.

• no deductions will be taken from your paycheck

• your gross pay is the same as your salary

For employees, the Social Security deduction is withheld at the rate of

• 1.45 percent of the first $117,000 earned

• 1.45 percent of all pay earned

• 6.2 percent of the first $117,000 earned

• 6.2 percent of all pay earned

In most cases, the amount of "take-home pay" an employee receives is

• equal to gross pay

• less than gross pay but more than net pay

• about 65 to 70 percent of gross pay

• equal to net pay plus overtime pay

A type of incentive pay based on quality of work done or years of service on the job is called a

• bonus

• stock option

• profit-sharing plan

• pension plan

A work schedule that fits the normal 40-hour workweek into less than five days is called

• job sharing

• flextime

• job rotation

• a compressed workweek

Members of this type of union are skilled, semiskilled, or unskilled employees in a particular industry

• craft union

• industrial union

• public-employee union

• trade union

A standard workweek is

• 32 hours

• 36 hours

• 40 hours

• 44 hours

Rate X Hours worked =

• net pay

• gross pay

• overtime pay

• incentive pay

An employee required to work on a paid holiday is usually paid 1.5 times his or her regular hourly rate of pay

• True

• False

Employers must contribute matching amounts into each employee’s Medicare and Social Security accounts

• True

• False