Chapter 1

Question 1

Pay check

Answer 1

Payment for work

Question 2

Pay stub

Answer 2

details of the payment, deductions, additions, rates etc.

Question 3

Gross Pay

Answer 3

pay before deductions

Question 4

FUTA/SUTA

Answer 4

Federal/State unemployment tax paid by employer. Federal .6% up to 7000. State (varies) 3.4% up to 8500

Question 5

FICA

Answer 5

SSI & Medicare Tax

Question 6

OASDI

Answer 6

Old age, survivors, disablity insurance tax

Question 7

SS & Medicare tax

Answer 7

paid by employer and matched by employer SS 6.2 % Medicare 1.45%

Question 8

Fair Labor Standards Act

Answer 8

Ratified in 1938 mandates Min Wage, OT, child labor laws

Question 9

Minimum wage

Answer 9

the least amount of money an employer can legally pay you

Question 10

Minimum wage exceptions

Answer 10

tipped employees (2.35 + tips) workers with disabilities ( percentage of wage) Full time students in specific jobs (85% min wage, limit 8hr/day, 20/wk) Workers under 20 (4.25, for 90 days or until age 20) student learners (75% requires employer certification)

Question 11

multiple minimum wages

Answer 11

if the state or municipality has a minimum wage that differs from federal, the highest wage takes precedence

Question 12

Overtime

Answer 12

At least 1.5 (mandated) x regular pay rate for any hours worked above 40 hours in a given work week.

Question 13

OT exemptions

Answer 13

Executives, Professionals, Admins, Salaried professionals

Question 14

work week

Answer 14

any seven day period designated by the employer for the purpose of calculating pay

Question 15

Child Labor Laws

Answer 15

restrict the type of work and how long children can work under 14: minor jobs, acting, news papers, family business 14-15:no manufacturing or mining, limited to non hazardous jobs, 18 hours a week, not during school hours, and 40 hours in the summer 16+ unlimited hours no hazardous jobs

Question 16

Circular E

Answer 16

Employer’s Tax Guide

Question 17

EIN

Answer 17

Employers Identification Number (Tax ID)

Question 18

Form SS4

Answer 18

Tax form to get a Tax ID

Question 19

Form SS5

Answer 19

To get a Social Security Number

Question 20

PRWORA

Answer 20

Personal Responsibility and Work Opportunity Reconciliation Act of 1996 child support stipulations

Question 21

W4

Answer 21

employee deduction worksheet & withholding allowance certificate

Question 22

IRCA Immigration Reform Act of 1986

Answer 22

Employers must maintain I9 forms for all employees to [prove eligibility to work in the united states

Question 23

I9 forms

Answer 23

Employment eligibility verifications

Question 24

Payroll Service

Answer 24

a third party company that processes payroll and creates paychecks and other reports for an employer

Question 25

Employee Earnings Record

Answer 25

a record of all pay and deductions for an employee