7-2 Review

Match the following

• the payment for an insurance plan.

• Premium

• a list of the amount of salary, wages, or other payments for work due to employees.

• Payroll

• wages or salary after deductions for taxes and other items.

• Net Pay

• process in which a company agrees to pay compensation for loss in return for payments by the insured

• Insurance

Match the following

• hours worked beyond the set standard hours per week.

• Gross Pay

• salary or wages earned before deductions are made.

• Overtime

• pay or benefits given for a service or loss.

• Compensation

• payment based on an amount of items sold or produced.

• Commission

Kelso earns $16 per hour at work. The overtime rate at his work is time and one half. How much does Dwight earn in overtime per hour?

• $22

• $23

• $24

• $25

Careers in retail, real estate, and insurance all earn ___ as their main payment plan for earnings.

• commission

• bonuses

• credit

• salaries

Floating holidays are NEVER available to employees that might possibly have different religion, beliefs, etc.

• True

• False

Match the following

• paid benefit to designated person or company in the event of the employee’s death.

• COBRA

• right to continue health insurance through former employer’s plan.

• Disability

• paid benefit (usually % of normal income) when someone is injured or ill and cannot work.

• Life

RETIREMENT: Match the key terms with the correct description.

• retirement account paid for by employer and/or the employee.

• 403(b)

• for employees of private companies

• 401(k)

• for employees of nonprofit organizations

• Pension Plan

Which of the following is NOT a common task related to handling payroll?

• Keeping records up to date

• Calculating deductions and changes

• Overlooking attendance and sick leave

Steven just got hired at a new paper company. While working on new hire paperwork, he completes a ___ form. This allows him to claim exemptions that affect the taxes withheld on his paycheck.

• W-2

• W-4

Match the following

• Benefits are paid when a person retires, becomes disabled, surviving spouse, etc.

• Medicare

• At the end of the year, companies give employees a Wage and Tax Statement, also known as ___.

• W-2 Form

• Health insurance program ran by government for ages 65+.

• Social Security