Chapter 8 - Income and Taxes

is a set amount of money earned by an employee per year or other fixed length of time

are employee earnings that are paid by the hour, day, or items

work for which wages are based on the number of items or pieces produced

is a fixed percentage or amount of profit given to an employee in exchange in addition to regular pay

is a sum of money paid to an employee in addition to regular pay

is money given to an employee by customers in exchange for a service 

The federal government developed standards governing employee payment and compensation is called Fair Labor Standard Act (FLSA)

• True

• False

Match the following

• is set lower than the standard minimum wage

• Minimum Wage

• employees that work in excess of 40 hours per week

• Subminimum Wage

• this is the lowest hourly rate an employer may legally pay most workers

• Equal Pay

• forbids employers from paying one person less than another person for the same work

• Overtime

entitled to some or all of his/her money in the retirement plan when leaving the company

Full-time – hold wages or salary jobs of at least ____ hours per week