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WorksheetsUnderstanding Pay and Benefits - 6.1
Total questions: 35
Worksheet time: 18mins
What is the total amount you earn before any deductions are subtracted from your pay
Regular Pay
Hourly Wage
Gross Pay
Net Pay
How do figure hourly wages
Rate X Hours Works
Days X Hours
Hours Works X Gross Pay
Rates X Overtime Hours
Net Pay and Gross Pay are the same
True
False
What is a standard work day?
5 - 7 hours
6 - 8 hours
8 hours a day
8 continuous hours with scheduled breaks and unpaid lunch
What is time worked beyond the regular hours
Gross Pay
Net Pay
Overtime Pay
Comp Time
What is a standard work week?
40 hours in 7 days
30 - 35 hours in a week
25 - 45 hours in a week
40 hours in a five-day period of 8 hours each day
When over 40 hours have been worked, what is the formula to calculate pay?
Regular Pay X 2
Regular Pay X 3
Regular Pay + Overtime Pay
What says that employers must pay hourly employees overtime at the rate of 1 1/2 times the rate?
Fair Labor Laws
Fair Working Policy
Fair Labor Standards Act
Children's Labor Law
Overtime rate can only be 1 1/2
True
False
What does YTD mean on your pay stuff
Years to Date
Year-to-date
Year-to-be Determined
Salaried employees are paid
Once a month
Based on the number of hours they work
An annual amount - paid equally in equal amounts
Based on experience
Are salaried workers eligible for overtime
Yes
No
Amounts subtracted from your gross pay
Taxes
Supplements
Gross Pay
Deductions
All deductions taken out of pay checks are required by laws.
True
False
Overtime pay is NOT considered when calculating gross pay?
True
False
Employers must contribute matching funds to their employees' Social Security and Medicare accounts
True
False
Self employed people do not need to pay Social Security or Medicare taxes
True
Fals
What is it called when an employee is entitled to his/her full retirement account, they are...
Full time
Retired
Vested
Entitled
Employees receive sick days without reduction in pay at what rate
1 - 2 days a year
2 - 5 days
3 - 7 days
3 - 10 days
What is the pay rate for working on a holiday
Regular
Time and a half 1 1/2
Double time
Triple time
If you are a salaried worker,
You will probably b paid twice per year
Your overtime pay rate will be higher than of an hourly worker
No deductions will be taken from your paycheck
Your gross pay is same as your salary
For employees, the Social Security deduction is withheld at the rate of
1.45% of the first $102,000 earned
1.45% of all pay earned
6.2% of the first $102,000 earned
6.2% of all pay earned
Self-employed people must make estimated tax payments
Weekly
Monthly
Quarterly
Yearly
Which of the following benefits are employers required by law to provide?
Child Care
Workers' Compensation
Paid Vacations
All of the above
A type of incentive pay based on quality of work done or years of service on the job is called a
a. bonus. c. profit sharing plan.
b. stock option. d. pension plan.
Bonus
Stock option
Profit Sharing Plan
Pension Plan
The total amount you earn before any deductions are subtracted is called __________ pay.
Gross
Overtime
Net
Incentive
__________ is time worked beyond the regular hours.
Comp time
Flex time
Overtime
Plus time
The amount of your paycheck, often referred to as your “take-home pay,” is called your __________ pay.
Gross
Salary
Net
Check
Forms of employee compensation in addition to pay are called __________.
Benefits
Incentives
Services
Insurance
Money offered to encourage employees to strive for higher levels of performance is called __________ pay.
Benefits
Insurance
Incentives
Services
Employee __________ are the “extras” that companies offer—such as free parking or wellness programs—in order to improve employee morale and working conditions.
Services
Insurance
Bonuses
Leave of absences
When all deductions are taken out of your gross pay, what is left
Adjusted Gross Pay
Salaried Pay
Net Pay
Bonus Pay
What is the percentage for Self-Employment Tax
2.9%
4.25%
15.3%
6.9%
Which one of these is not a paid holiday typically
Christmas
St. Patrick's Day
MLK Day
Thanksgiving
This allows employees to share in the company's earnings
Benefit
Insurance
Profit Sharing
Paid Vacations
