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WorksheetsUNIT 3: Payroll & Earnings Statements
Total questions: 16
Worksheet time: 9mins
Someone who comes up with a business idea and takes the risk to start their own company. They're the boss and try to make a profit by selling a product or service.
employee
employer
entrepreneur
Someone who works for a business owned by someone else. They follow instructions and get paid a wage or salary for the work they do.
employee
employer
entrepreneur
The person or company that hires and pays people to work for them. They're responsible for managing these people and ensuring they get paid.
employee
employer
entrepreneur
Someone who gets paid for each hour that they work is considered an (a) employee.
Someone who gets paid based on an annual number and their paycheck does not vary based on the number of hours that they work is a (a) employee.
When an employee works more than their contractual hours per week, they are paid __________.
salary
hourly
overtime
commission
When an employee earns money based on how much they sell, they are paid __________.
salary
hourly
overtime
commission
Overtime is typically __________ times your hourly wage.
2
1
1.5
1.75
The amount of money that you earn is called (a) . The amount of money that you take home is called (b) .
Getting paid once each week is considered (a) . Getting paid once every other week is considered (b) . Weekly employees typically receive (c) paychecks per year while bi-weekly employees receive (d) .
Your income is taxed based on how much you make, increasing as your salary increases. These increments are called:
(a)
(a) provides INCOME to retired or disabled workers.
(a) provides HEALTH INSURANCE to retired or disabled workers.
Medicare benefits are _____ of your gross pay.
1.45%
1.5%
6.2%
8%
Social Security benefits are _____ of your gross pay.
1.45%
1.5%
6.2%
8%
Organize these options into the right categories
Social security
Medicare
Health Insurance
Life Insurance
FSA
Overtime
Commission
Gross Pay
Net Pay
Tax Bracket
Federal Income Tax
State Income Tax
