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Personal Finance > Work Laws and Responsibility > Flashcards

Work Laws and Responsibility Flashcards

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1
Q

Form W4

A

Asks name, address, SS#, marital status, and number of exemptions you’re claiming for income taxes

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2
Q

Allowances

A

reductions in the amount of tax withheld from your paycheck

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3
Q

Deductions

A

money that’s taken out of taxes

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4
Q

Form W2

A

a summary of the income you earned during the year and all amounts the employer withheld for taxes

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5
Q

Form I9

A

verify the employee’s identity and eligibility to work in the US

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6
Q

Fair Labor Standards Act of 1938

A

Established a minimum wage

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7
Q

Federal minimum wage

A

$7.25

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8
Q

Nebraska minimum wage

A

$12

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9
Q

Family and Medical Leave Act (FMLA)

A

allows employees to take 12 weeks of unpaid leave in a 12 month period

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10
Q

Civil Rights Act

A

Banned employee discrimination

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11
Q

Americans with Disabilities

A

Physical or mental disabilities cannot be discriminated against

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12
Q

Gross Pay

A

total amount you earned before deductions

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13
Q

Net Pay

A

the money you take home

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14
Q

How to calculate Net pay

A

Gross - deductions = Net

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15
Q

Salary

A

a set annual amount; not payed by the hour

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16
Q

Common pay periods

A

Monthly
Every 2 weeks
Weekly

17
Q

Vested

A

entitled to the full retirement account, after a specified period of time

18
Q

Flextime

A

schedule that allows employees to choose their own working hours within reason

19
Q

Cafeteria Style Benefits

A

you get to pick your own benefits

20
Q

What do you get paid on Holidays

A

Double your normal amount

21
Q

What do you get paid for over time

A

Your time and a half

22
Q

How many hours is considered full time

A

40 hours or more

23
Q

How many hours is considered part time

A

35 and less

24
Q

What groups of people don’t have to pay minimum wage

A

Farmers and food services

25
Q

How long is a vacation considered

A

10 days (2 weeks)

26
Q

Who do yo go to if you have a grievance or if you’ve been discriminated against

A

Equal Employment Opportunity Commission (EEOC)

27
Q

How old you need to be to have a work permit

A

16 and under

Personal Finance (5 decks)

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