Finance: Chapter 5 Definitions
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Finance: Chapter 5 Definitions
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The Employee's Withholding Allowance Certificate, commonly known as _______ is used to make allowances for tax withholding purposes
If you claim exempt status on your Form W-4 you will not have _____ taxes withheld from your paycheck
To instruct an employer to not withhold federal income taxes from your wages is to claim _____ status
Some states require a(n) ____ for workers under age 16, giving a parent's permission to work
Persons who are underage and not considered adults are called _____
The _____ is a law that allows employees to take unpaid leave for family and medical reasons
The legally established lower limit of wage rate that can be paid by employers is the ____
Reductions in the amount of tax withheld from paychecks are known as ____
By January 31st of the year following the year you were employed, an employer must mail to you a(n) ____ showing your total wages and withholdings while you were employed
An important part of the Social Security Act, ____ provides benefits to workers who lose their jobs through no fault of their own
A program that provides financial security to workers and their families in the event of an on-the-job illness or injury is called ____
The ____ is the government body responsible for overseeing labor laws
US Department of Labor
The ____ is a law enact to set minimum wage and overtime hours
Fair Labor Act
The form used to determine the amount withheld from a paycheck for income taxes is the...
You should periodically request information to see that your earnings have been properly credited to your account. This request is sent to the...
Social Security Administration
To obtain a work permit, you must submit proof of your...
Arriving at work on time shows a personal quality known as
Employees owe their employers all of the following except...
Fair Human Resource Policies
You will receive a W-2 Form from...
Each company for which you worked during the previous year
Premiums for unemployment compensation payments to laid-off workers are paid by the...
A character trait that the means you can be counted on to do what you say you will do.
A report that discusses the employee's strengths and weaknesses in performing the job and how well the employee helped to meet the company goals.
Available only to people who will not earn enough in the year to owe any federal income tax.
A summary of the income you earned during the year and all amounts the employer withheld for taxes.
Asks for your name, address, Social Security number, marital status and the number of exemptions you are claiming for income tax purposes.
Taking the lead, recognizing what needs to be done, and doing it without having to be told.
A work habit based on respect.
Of such quality that the employer can sell it or use it to favorably represent the company.
Providing new and current employees with the information and training they need to do their job well.
Working cooperatively in order to achieve a group goal.
Four Benefits of the Social Security Act
Old Age Retirement
Getting $500 for funeral and an income if you're 18 years old or younger and your parents have died
4 Examples of Allowances
Elderly family members
Steps to find gross pay?
Hours Worked (Up to 40) × Hourly Pay = #
Overtime Hours × (Hourly Pay × 1.5) = #
and then add the 2 numbers you get
How to find Overtime Pay?
Multiply Regular Hourly Pay by 1.5
Pay without taxes taken out
Pay left over after taxes (Paycheck)