Understanding Pay and Employment Benefits

Front

Which of the following is an example of an employment benefit? Salary, Health insurance, Overtime pay, Commissions

Back

Health insurance

Front

What is gross pay?

Back

The total amount you earn before any deductions are subtracted.

Front

What is a salary?

Back

A fixed annual amount of gross pay.

Front

If a salaried employee with an annual salary of $24,000 is paid twice a month, what is their gross pay per paycheck?

Back

$1,000

Front

What is the gross pay per paycheck for a salaried employee with an annual salary of $24,000 if they are paid weekly?

Back

$461.54

Front

How many hours of overtime did the employee work?

Back

8 hours

Front

How much is the overtime pay amount?

Back

$120.00

Front

Which of the following deductions are required by law? Health insurance premiums, Social Security tax, Retirement contributions, Charitable donations

Back

Social Security tax

Front

Which of the following deductions are optional? Federal income tax, Social Security tax, Health insurance premiums, State income tax

Back

Health insurance premiums

Front

What is net pay?

Back

The amount left after all deductions are taken out of your gross pay