Income

Front

What is the total number of days in a normal year?

Back

365 days.

Front

True or False: Federal law requires employers to pay workers a minimum wage.

Back

True.

Front

What is Normal Pay?

Back

1.0 x normal rate.

Front

What does 'Time and a half' pay mean?

Back

1.5 x normal rate.

Front

How many weeks are there in a year?

Back

52 weeks.

Front

What is the definition of minimum wage?

Back

The lowest legal hourly pay that can be paid to workers.

Front

What is overtime pay?

Back

Pay for hours worked beyond the standard workweek, typically at a higher rate.

Front

What is the formula for calculating annual income?

Back

Annual Income = Hourly Wage x Hours Worked per Week x Weeks Worked per Year.

Front

What is the difference between gross income and net income?

Back

Gross income is total earnings before deductions; net income is what remains after deductions.

Front

What is a paycheck?

Back

A document that an employer gives to an employee as payment for work done.