Chapter 8 - Income and Taxes

is a set amount of money earned by an employee per year or other fixed length of time

(a)  

are employee earnings that are paid by the hour, day, or items

(a)  

work for which wages are based on the number of items or pieces produced

(a)  

is a fixed percentage or amount of profit given to an employee in exchange in addition to regular pay

(a)  

is a sum of money paid to an employee in addition to regular pay

(a)  

is money given to an employee by customers in exchange for a service 

(a)  

The federal government developed standards governing employee payment and compensation is called Fair Labor Standard Act (FLSA)

• True

• False

Match the following

• employees that work in excess of 40 hours per week

• Minimum Wage

• this is the lowest hourly rate an employer may legally pay most workers

• Overtime

• is set lower than the standard minimum wage

• Equal Pay

• forbids employers from paying one person less than another person for the same work

• Subminimum Wage

entitled to some or all of his/her money in the retirement plan when leaving the company

(a)  

Full-time – hold wages or salary jobs of at least (a)   hours per week