Human Resources, Part 2

Question 1

True or False - Staff meetings are a good way to create team bonding and introduce new policies or products, but they rarely show a financial return on investment.

Answer 1

False - well done staff meeting raise practice benchmarks, thereby providing for total quality management, increased profits and improved compliance with staff recommendations and client acceptance.

Question 2

Role of the facilitator:

Answer 2

*Create the agenda.
*Start and end the meeting on time and limit to 45 minutes maximum
*Control topics and prioritize topics
*Facilitate positive discussion
*Review accomplishments

Question 3

What are some ways to engage team members at a staff meeting?

Answer 3

*Using visual aids
*Tasteful appropriate humor.
*Publicly praise work well done and celebrate successes
*Do not allow meeting to turn into gripe sessions
* Share important information, changes and progress towards goals so that people want to be at the meeting and not miss out on the announcements
*Request/Require team members to present topics.
*Learning games or ice breaker exercises

Question 4

What are five responsibilities in the role of the facilitator in staff meetings?

Answer 4

*Starting and ending the meeting on time
*Controlling topics
* Preventing negatively from overcoming the team.
*Prioritizing topics.
*Tactfully preventing a team member from dominating the meeting.

Question 5

What are a few things to consider when creating a meeting agenda?

Answer 5

• Make the topic relevant and timely - use an example the team can relate to in order to help illustrate the point.
• Do you actually need a meeting? Can an alternative method achieve the same goal ? A bulletin board, memo included in each paycheck envelope, etc.
• Having a team member present a topic at each meeting has numerous benefits and should be considered.
  *Make sure meetings are scheduled well in advance, especially if mandatory.
  *Eliminate foreseeable interruptions.
  *Concentrate on the positives.
  *Start and stop on time.

Question 6

It is vital that staff meetings stay on track, and ___________ can help facilitate this.

Answer 6

Agendas

Question 7

True or False —> Training meetings should be 20-40 minutes long for attendees to remain engaged.

Answer 7

False -

Question 8

List out come of training meetings….

Answer 8

*Need to be goal oriented. **This should also set and published.
*upon completion of the meeting participants will (example) Know how to educate a client on parasite prevention 2.) able to demonstrate clients how to administer the product.
* The meeting should include test (Verbal, Written, demonstrated) on the material covered.
*Training meetings can be also be a short and less formal part any meeting.

Question 9

List five of the seven ways to engage employees during a staff meeting.

Answer 9

*Use visual aids
*Tasteful appropriate humor
*Publicly praise work well done and celebrate successes
*not allow meetings to turn into gripe sessions.
*Share important information, changes and progress towards goals so that people want to be at the meeting and not miss out on the announcements.
*Request/require team members to present topics
*Learning games or ice breaker exercises.

Question 10

True or False—-> Training meeting should be 20-40 minutes long for attendees to remain engaged.

Answer 10

False —> There are no time restrictions on staff meetings. However, virtual staff meetings are recommended to stay between 20-40 minutes.

Question 11

If you were to create a performance review, what are some things to consider?

Answer 11

**Develop it using the job description.
* make sure that it is geared towards the mission, vision, and values of the practice.
* Provide clarity about goals and direction.
* Address team members accomplishments
*Address concerns over policy and procedures.
* Address potential conflict with team members or management.
* Address any lapses in standards or judgement (Many times these conversations should happen in the moment and NOT wait for a performance review)

Question 12

List five of the seven ways to engage employees during a staff meeting.

Answer 12

*Use visual aids
* Tasteful appropriate humor.
* Publicly praise work well done and celebrate successes
* Do not allow meetings to turn into gripe sessions
*Share important information , changes and progress towards goals so that people want to be at the meeting and not miss out on the announcements.
*Request/require team members to present topics
* Consider ice breakers exercises .

Question 13

True or False —> A for performance review is a great time for a negative surprise

Answer 13

False.

Question 14

True of false —> it is recommended that performance reviews also coincide with wage or salary reviews.

Answer 14

False —> performance reviews should never bring up raises.

Question 15

True or False — Employees should complete a self review and evaluate their own performance which can be compared to managements results at the actual meeting.

Answer 15

True!

Question 16

True or False —> you should consider allowing each employee to review their evaluation results prior to the actual meeting

Answer 16

True!

Question 17

What are the three most common types of reviews?

Answer 17

*360 Peer Review - A review done for an employee from the people who’ve work around them. This is completely confidential, anonymous feedback and typically includes the employee’s manager, peers, and direct reports.

• Self review - Team members give their objective assessment of their performance within a specific time frame.
• Job satisfaction survey - Created to assess the team members true job satisfaction.

Question 18

In practice made perfect, Marsha Heineken discusses three basic approaches to employee performance evaluations. What are they?

Answer 18

*Forma Performance reviews
*Coaching conversations
(Both of these offer employees an opportunity ind out how satisfied their employers are with their job performance)

*Corrective action discussions - address unacceptable behavior and work performance issues that have not improved thru coaching and/or formal evaluations.

Question 19

List all four disicplines necessary for effective performance reviews…

Answer 19

*Hold all employees accountable for their local performance outcomes.
* Teach all employees to identify, deploy, and develop their strengths.
*Align all performances appraisals and review systems around identifying, deploying and developing employee strengths.
*Design and build each role to create world class performers in the role.

Question 20

The most successful employee performance review programs typically combine four elements. What are they….

Answer 20

*Regular informal feedback by supervisors. (On a year evals are not enough- they should receive regular input from supervisors. Focus on day-to-day performance. Not the past. This approach requires supervisors to work closely with and observe the employee).
*Performance reviews that are set by the employee and the supervisor. (Goals can be short or long term. Identify core competencies to determine future performance goals. To help employees meet their goals, supervisors should provide training or necessary support. New goals should be recorded, reviewed regularly, and modified as needed).
*Action plans to address performance or disciplinary problems. (Address and discuss the problem. Suggest a course of action that may improve performance. Detail the nature of the prob., the steps that both employ. and the time frame the plan will be implemented. Employ. Should have input on the plan and freedom to suggest changes. )
*Formal reviews that document the “BIG PICTURE” (should not be used to address ongoing performance problems. Purpose should be to assess whether goals and actions plans have been met.)

Question 21

A corrective action using the A-B-C-D-E-F formula…

Answer 21

A - Awareness. Describe the problem with clarity to the employee.
B- Behavioral expectations. Explain the improvement the employee must make.
C- Consequences - tell the employee what will happen next if the behavior is repeated.
D- Decision confirmed - ask if the employee if they are able to make the changes.
E - Employee involvement - if employee commits to change, they must write an action plan describing how the intend to succeed.
F - Follow - up - Schedule a time to follow up.

Question 22

What details should be included in meeting minutes?

Answer 22

*Record decisions and assignments
*Designate responsible parties
*Record the deadline agreed upon during the meeting.
* Who was present
* What topics, if any, will be revised at the next meeting?

Question 23

What is the best way to end a staff meeting?

Answer 23

On a positive note!

Question 24

What are four of the six elements that should be included in an employee performance review

Answer 24

*Conversation about mission, vision, and values of the practice.
* Clarity about goals and direction
* Addressing team members accomplishments
*Address concerns over policy and procedures
* Address potential conflict with team members or management
* Address any lapses in standards or judgement (many times these conversations should happen in the moment)

Question 25

How should employee performance reviews be developed?

Answer 25

From the job description!

Question 26

One potential employee performance review pitfall is _________

Answer 26

Measuring the trivial.

Question 27

Which element below is NOT included in the A-B-C-D-E-F formula?
A.) Accountability
B.) Decision Confirmed
C.) Consequences

Answer 27

A - Accountability

Question 28

What renders an employee performance review useless?

Answer 28

A- lack of clear performance in the job description - with out them team members can not be held accountable.

Question 29

What are the top 3 issues that cause conflict in the work environment?

Answer 29

*Gossip
* Lack of training
* Lack of communication

Question 30

A practice without conflict is not a practice without problems. No conflict may mean ?

Answer 30

*Staff members may be afraid to speak up.
* The practice culture is one where team members are trained to do what they are told.
*The team all think so much alike that there is little creative tension to promote innovation or change.

Question 31

Avoidance of the other person(s), personal attacks, hurtful gossip, barber humor, and lack of cooperation are all potential symptoms of what dynamic within your practice?

Answer 31

Symptoms of conflict within the practice.

Question 32

What are the top 3 things that cause conflict in the workplace environment?

Answer 32

Gossip, lack of training, lack of communication.

Question 33

A practice without conflicts could indicate what type of practice dynamic, and what are the potential negative side effects of those dynamics?

Answer 33

• Staff members may be afraid to speak up. The practice culture is one where team members are trained to do what they are told. The team all thinks so much alike that there is little creative tension to promote innovation or change.
• This type of environment can zap the team’s enthusiasm and initiative. It can also encourage passive resistance because open conflict and difference of opinions isn’t tolerated.

Question 34

What are the potential risks of delaying a discussion once an issue is know?

Answer 34

May result in additional conflict. May be interpreted that management is not interested in the problem.

Question 35

After meeting with two team members who are experiencing conflict and you have told them that you have confidence in them to find a solution, how much time do you give them before you meet again to hear their solution?

Answer 35

One or Two days.

Question 36

What is the four step method for successful intervention regarding conflict management?

Answer 36

1.) Confront the behavior - call the employees into your office (if 2 departments, call in the supervisors) explain that their behavior is not acceptable and that you expect them to turn it around.
2.) Talk it out - explain that they are professionals and that you expect them to listen to one another and work out a solution. Parties take turns talking and listening without interrupting, which should begin to discover solutions.
3.) Hold team members accountable for solutions - once they have heard each other out, tell them you have confidence in them to find a solution, give them 1-2 days d meet again to hear their solution.
4.) Follow - up and Feedback - hold short weekly check-ins where you ask each team member in front of the other how things are going. Gradually phase out the meetings as the conflict resolves, and compliment them when you see evidence of cooperation.

Question 37

What are the three most common types of employee performance reviews ?

Answer 37

• 360 Peer performance review - employees receive confidential, anonymous feedback from the people who work around them. Typically includes employees manager, peers, and direct reports.

*Self review - A system that asks team members to give their objective assessment of their performance within a specific time frame. Be sure to leave an area for comments.

• Job Satisfaction survey - Created to assess the team members true job satisfaction.

Question 38

Performance reviews should be:

Answer 38

*Developed from the job description. (Performance expectations must be clear, otherwise team members cannot be held accountable, and reviews are essentially useless.
* Be a conversation about mission, vision, and values of the practice
*Provide clarity about the goals and direction.
*Address team members accomplishments
*Address concerns over policy and procedures
* Address potential conflict with team members or management
*Address any lapse in standards or judgement (many times these conversations should happen in the moment and not wait for a performance review).

Question 39

Your challenge as a practice manager is to make coaching conversations and formal performance reviews relevant and useful to the practice and the employees.

Answer 39

*There should be no negative surprises in a performance review.
* Performance reviews should not coincide with wage or salary reviews with the exception of a new employee who is scheduled and has earned a wage increase at the completion of their trial employment period, typically 90 days
* Each employee should complete a self review and evaluate their own performance which can be compared to managements results at the actual meeting.
*Consider allowing the employee to review their evaluation results prior to the actual meeting.
*Conduct review in a private setting and avoid interruption.

Question 40

In Practice Made Perfect, Marsha Heinke discusses three basic approaches to employee performance evaluations, what are they?

Answer 40

*Formal performance reviews * Coaching conversations - Both offer employees an opportunity to find out how satisfied their employers are with their job performance. They also provide a forum for the employee to talk about their job satisfaction and goals.

*Corrective Action Discussions - Address unacceptable behavior and work performance issues that have not improved through coaching and/ or formal evaluations.

Question 41

What are the four disciplines necessary for an effective employee review?

Answer 41

*Hold all employees accountable for their local performance outcomes.
*Teach all employees to identify, deploy and develop their strengths.
*Align all performance appraisals and review systems around identifying, deploying and developing employee strengths.
*Design and build each role to create world class reformers in the role.

Question 42

The most successful employee performance review programs typically combine what four elements?

Answer 42

*Regular informal feedback from supervisors (once a year evaluations are not enough, employees should receive regular input from their supervisors. These discussions typically focus on day-to-day performance objectives rather than past performance). This approach requires supervisors to work closely with, observe and evaluate their employees regularly.

*Performance goals that are set by the employee and the supervisor. Goals may be short or long term. Identified core competencies should be used to determine future performance goals. Goals should be specific and quantifiable if possible, such as completion of a project within a set time period.

*Action plans to address performance or disciplinary problems. Address and discuss the problem and suggest a course of action that may improve performance. Plan should detail the nature of the problem, steps the emp and sup will take to help solve the prob, and the time and the time frame in which the plan will be implemented. Emp should have input on the plan and freedom to suggest changes. Once plan has been agreed upon it should be reviewed reg to make sure emp is able to implement it effectively.

*Formal Reviews that document the “big picture”. Ideally these reviews should be done several times a year, but if informal meetings are conducted regularly, you may be able to use an annual or semi annual review. Generally should not be used to address ongoing performance problems.
Purpose should be to assess whether goals and any action plans have been met and if the employee is following the right path for career development.

Question 43

What are the nine potential pitfalls regarding employee reviews.

Answer 43

*Spending more time on performance review than performance planning. More time should be spent preventing performance problems
*Be careful comparing employees
*Forgetting the review is about performance and not blame.
*Stopping reviews when pay is no longer tied to the review.
*Believing the manager is in a position to accurately assess team members
*Cancelling postponing reviews
*Measuring the trivial
*Surprising the team member during the review
*Thinking all employees and all jobs should be assessed the same way.

Question 44

Early corrective action discussions - if the transgression seems too minor to address in the moment, it shouldn’t make it on the performance review. What is the RULE of 3?

Answer 44

1) If the situation is enough to catch your attention and annoy you, then take notice.
2) The second time it occurs, mental take note to determine if it is the start of a pattern.
3) The third occurrence warrants a conversation.

*This avoids the feeling of micro-managing. Three occurrences is a justified conversation.

Question 45

Corrective action discussion using the A-B-C-D-E-F formula. What does each letter need for?

Answer 45

A - Awareness. Describe the prob w/ complete clarity to the employee
B - Behavioral expectations. Explain the specific improv the emp must make.
C - Consequences. Tell the emp exactly what will happen next if the behavior is repeated.
D - Decision Confirmed. Ask the emp they are able and willing to make the necessary changes.
E - Employee Involvement. If the employee commits to the change, they must write an action plan describing how they intend to succeed.
F - Follow up - Schedule a time to follow up and at that time either praise the improvement or implement the previously detailed consequences.

Question 46

In what type of employment relationship can an employee only be disciplined or terminated for a sufficient reason ( some examples are misconduct, negligence or theft) ?

Answer 46

Just Cause

Question 47

Define At-Will Employment…

Answer 47

Form of employment in which the employee is serving the employer at the will of both parties. This allows the employer to terminate its employees with or without cause.

Question 48

What is a general outline of a disciplinary procedure ?

Answer 48

1.) Verbal warning and a method to correct the mistake, accident or violation. *The warning is documented in the emp file along with the date and supervisor signature.

2.) Written warning(s) *The number decided by the practice. Also documented with date and signatures of both the supervisor and employee.

3.) Final warning should state the next step is termination.

Question 49

Define the ideal witness to a termination.

Answer 49

The same gender, and in a supervisory position, not a direct peer of the employee being terminated.

Question 50

Do not misrepresent the qualifications or character of a former employee if you have knowledge of that employee propensity for violence, or illegal behavior order to avoid liability claim of _________.

Answer 50

Negligent referral

Question 51

An employment contract that details a specific length of employment is an exception to At Will employment. (**At Will Definition - Form of employment in which the employee is serving the employer at the will of both parties. This allows the employer to terminate its employee with or without cause.)

Answer 51

True

Question 52

What is a just cause employment relationship?

Answer 52

Form of employment in which the employee can only be disciplined or terminated for a sufficient reason ( some examples are misconduct, negligence or theft). In a few states and in some situations and employer must show “Just cause” for the discipline of an employee or the court can order the employer to compensate the employee/ former employee.

Question 53

What is an At Will employment relationship?

Answer 53

Form of employment in which the employee is serving the employer at the will of both parties. This allows the employer to terminate its employee with or without cause.

Question 54

What is the suggested protocol for an employee who is performing poorly due to a short term personal life stressor?

Answer 54

They should be advised that it is unsatisfactory, and that if not for these problems, they would be terminated, but will be given the opportunity to improve once the short term problems are resolved. Re-evaluate that time.

Question 55

Name express exceptions to At-Will employment.

Answer 55

Collective bargaining agreements. (Written contract)
*Specific contracts that indicate a specific length of employment
*Dismissals based on race, sex, color, national origin, or religion, prohibited by title VII of the Civil Rights Act.
*Dismissal because of pregnancy, prohibited by the Pregnancy Discrimination Act.
*Dismissal based on age if over 40, prohibited by the age discrimination in Employment act.
*Dismissal because an employee refuses to work in a workplace they consider unsafe, or because they have exercised their rights under the Occupational Safety and Health Act.
*Dismissal due to bankruptcy, prohibited by the Bankruptcy Reform Act.
*Dismissal because of service on a federal jury, prohibited by federal law.

Question 56

Some strategies to minimize the potential for wrongful discharge claim;

Answer 56

*Written employment evaluations should be completed on a regular basis.
*When an employee’s performance is unsatisfactory, regular raise increases should be withheld until performance improves to justify a raise.
* Contracts and employment manuals should specify that employees may terminated by the employer on two weeks notice, with or without cause.
*No employment decisions should ever be made for reasons related to any protected class.
*Employees should be educated on the details of all policies, such as tardiness and absenteeism, and the policies should be applied to all employees equality.
* If an employee is performing poorly due to a short term stressor such as family death or illness, they should be advised that it is unsatisfactory, and that if not for those problems, they would be terminated, but will be given the opportunity to improve once the short-term blend are resolved. Re-evaluate at that time.

Question 57

Examples of necessary and appropriate reason for termination (always preceded by thoroughly documenting each and every reason for the termination, ideally signed by the employee in addition to the supervisor or management).

Answer 57

• Unsatisfactory performance of duties
• Excessive tardiness or absenteeism
  *Practice finances call for the elimination of a position(s), in which case the employee is being laid-off for business reasons.
  *Chronic insubordination

Question 58

Examples of grounds for immediate termination (No warnings are needed) :

Answer 58

• Professionally dishonest or unethical behavior.
  *Criminal activity within the hospital such as stealing
• Falsification of company records
  *Insubordination
  *Improper use of personal protection equipment
  *Willful violation of an established policy.
  *Violation of anti-harassment or equal employment opportunities policy.
  *Timecard violation
  *Sleeping on duty
  *Inappropriate computer use such as gambling

Question 59

Termination guidelines:

Answer 59

*Do not terminate employees hastily or while angry or in the middle of a heated discussion.
*Terminate at the end of the day, so if there are negative responses it does not disrupt clients or staff. Do not ask or allow emp to finish their shift or return to complete tasks.
*Dismiss the employee in a private room, and ideally with a witness that is the same gender, and in a supervisory position, not a direct peer of the emp being terminated.
*The employee should sign a prepared document indicating the reason for termination, and the entire procedure should be documented immediately, before any fact are forgotten.
*Have the final paycheck ready, including hours worked through the current day, earned Paid Time Off, and back wages since the previous pay period.

Question 60

Discipline/Discharge employees final considerations…

Answer 60

*If the emp has medical insurance through the practice, the Consolidated Omnibus Budget Reconciliation Act *COBRA ( or state equivalent) requires the practice to continue coverage for a specified time.
*The dismissed employee needs to return keys, uniforms and any other property owned by the practice, as well as remove any personnel property pin departure.
*In some instances, a practice may ask the terminated employee to sign a release stating they will not sue over the termination. Some practices, after a conversation with their attorney, may offer severance pay as a means of obtaining the release.
* Computer, website and alarm passwords should be changed promptly.
*Document the entire procedure and all warning leading up to it and store in the employees file in a locked file cabinet.

Question 61

How to handle future reference calls on a terminated employee:

Answer 61

*Ideally you should have a plan in place for future reference calls on a terminated employee. Case law and precedent rapidly change what is and is not legally appropriate for employers to say.
*Only provide information that is true and has been documented in the employee file in order to avoid defamation liability.
*To avoid claims of negligent referral, do not misrepresent the qualifications or character of a former employee if you have knowledge of that employees propensity for violence, or illegal behavior.

Question 62

What is the term?

The monetary value of some defined investment at some point in the future, given a specified rate of return. **The presumed value of an investment at a specified time in the future at a specified rate of return.

Answer 62

Future Value

Question 63

What is the term?

The current monetary value of some defined investment return, given a specified rate of return. **The monetary value of an opportunity today.

Answer 63

Present Value

Question 64

What is this term?

The net return on a project, given all costs and revenues, in terms of current monetary value. *In many cases we consider projects but have alternative potential uses for our finds

Answer 64

Net Present Value

NPV = PV (present value) of all revenues - PV of all costs

Question 65

What is this term?

The amount an investment appreciates or depreciates over time, often expressed as a decimal (e.g. 0.06) or a percentage (6%)

Answer 65

Rate of return.

Question 66

The calculated rate of return , given the cost and future value of an investment is know as ______________.

Answer 66

Internal Rate of Return.

Question 67

Every business needs a team of professional advisors. That advisory team should include at least…

Answer 67

A lawyer, along with an accountant, banker, insurance provider, and a management consultant.

Question 68

What does LLC stand for ?

Answer 68

Limited liability company.

Question 69

True or False…
Legal advise should be used to develop forms for recording client admittance, authorization, and release forms?

Answer 69

True

Question 70

Agreements between shareholders or LLC (limited liability company) members, or agreements in partnership documents that explain and provide for the methodology of allowing owners to exit, how the practice will be priced and how the payments will be made upon that exit is know as….

Answer 70

Buy/Sell agreement

Question 71

The written terms of agreement of the shareholders of a corporation that explains voting rights and management rights, which may also include some reference to successor ownership and procedural determinations for executive officers is know as ….

Answer 71

Corporate Bylaws.

Question 72

Explain the Employee Policy Book

Answer 72

The policy book should be separate from the employee manual, in that it can include many operating policies giving more detail on the day to day operations than an employee manual can.

Question 73

True or False…
Veterinarians should be seeking legal advise at least 2-3 times a year just for practice risk audits and review of practice forms.

Answer 73

True.

Question 74

True of False…
Legal advise must be sought annually to update forms to prevent a new associates buy-in from being held up because the shareholder agreements, including the buy/sell terms, are s outdated that the valuation provided for is so inadequate and unfair that the new associate in not willing to purchase equity.

Answer 74

True

Question 75

True or False…
Client forms can prevent lawsuits or veterinary board complaints if they are properly drafted, relieving veterinarians of liability when clients disagree with recommendations.

Answer 75

True.

Question 76

What are the 12 C’s for team building?

Answer 76

*Clear Expectation -
*Context -
*Commitment -
*Competence -
*Charter -
*Control -
* Collaboration -
*Communication
*Creative Innovation -
* Consequences -
*Coordination -
* Cultural Change -

Question 77

What three elements must exists for intrinsic motivation to occur? What are they?

Answer 77

Autonomy - clarifies that people do not want to be micromanaged, and should a micromanagement situation occur, the team member would never be motivated.

Mastery - People want to master their skills (mastery), and when allowed to do so, are motivated to continue to improve.

Purpose - people want to have a purpose and make a difference in patients lives.

**When these three factors occur in tandem, intrinsic motivation occurs.

Question 78

(EQ - Emotional intelligence) is often described by five levels of competence in which to focus personal improvement. What are those five levels?

Answer 78

Self awareness -
Self control -
Self motivation -
Empathy -
Effective management of relations -

Question 79

Why are Health Certificates required?

Answer 79

To prevent the spread of disease.

Question 80

What makes to first impression on clients?

Answer 80

Telephone calls and receptionists, followed by the reception area when the client arrives.

Question 81

Of the following, which checks are issued from a bank and constitute guaranteed funds?

A) Personal checks
B) Cashier’s checks
C) Traveler’s checks
D) Third-party checks

Answer 81

B) Cashier’s checks

Question 82

What is the definition of Pre Tax Contributions?

Answer 82

Contributions to a retirement plan made from employee earnings that are not included in the employees taxable income for that year. When funds are finally withdrawn from the plan, the contribution is considered taxable income because it was not previously taxed.

Question 83

True or False…

Health insurance is most expensive employee benefit and the most difficult administer.

Answer 83

True.

Question 84

What is the definition of a 401K plan?

Answer 84

This is a plan established by employers to which eligible employees may make contributions and defer income tax on the amounts contributed until it is distributed to them. *Employers may make matching or no elective contributions to the plan on behalf of eligible employees, but they are not required to.

Question 85

True or False…

The IRS has regulations governing the tax treatment of employee discounts. These regulations apply to all new of businesses, including veterinary practices. If the discounts offered by a practice exceed those allowed by the IRS, some or all of the benefit is to be treated as taxable income by the employee.

Answer 85

True.

Question 86

What is the definition on benefits?

Answer 86

Generally indirect and non cash compensation paid to an employee . Examples include health insurance, paid time off, and retirement plan contributions.

Question 87

What is the definition of W2?

Answer 87

Internal Revenue Service (IRS) form called “Wages and Tax Statement” that reports income paid and taxes withheld by an employer for a particular employee during a calendar year.

Question 88

What is the definition of W-3?

Answer 88

It is the IRS form called “Transmittal of Wage and Tax Statements” which summarizes the information on the W-2 and is filed with the IRS each year along with copies of the W-2s.

Question 89

What is the definition of W-4 ?

Answer 89

This is the IRS from called “Employee’s Withholding Allowance Certificate” used to determine the amount of federal taxes the employer will withhold from a person’s paycheck each pay period.

Question 90

True or false…

The employer is responsible for withholding federal income tax from employee paychecks , as well as withhold the employees portion of social security (Federal Insurance Contributions Act, FICA), and Medicare taxes and forwarding this to the IRS. **The employer is also responsible for paying a portion of FICA and Medicare taxes to the IRS, and also must pay Federal Unemployment Tax Act (FUTA) on behalf of the employees.

Answer 90

True.

Question 91

Some studies estimate that 30-50% of an employees knowledge base is obsolete in 3-5 years.
That means the typical employee needs to “refresh” __________ of their knowledge each year.

Answer 91

10-15% of their knowledge each year.