Finance: Chapter 5 Definitions

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Author:
LaurenCamp29
ID:
288009
Filename:
Finance: Chapter 5 Definitions
Updated:
2014-11-03 16:33:12
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finance chapter markingperiodtwo test sen
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Senior Finance
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  1. The Employee's Withholding Allowance Certificate, commonly known as _______ is used to make allowances for tax withholding purposes
    W-4 Form
  2. If you claim exempt status on your Form W-4 you will not have _____ taxes withheld from your paycheck
    Federal
  3. To instruct an employer to not withhold federal income taxes from your wages is to claim _____ status
    Exempt Status
  4. Some states require a(n) ____ for workers under age 16, giving a parent's permission to work
    Working Permit/Papers
  5. Persons who are underage and not considered adults are called _____
    Minors
  6. The _____ is a law that allows employees to take unpaid leave for family and medical reasons
    FMLA
  7. The legally established lower limit of wage rate that can be paid by employers is the ____
    Minimum Wage
  8. Reductions in the amount of tax withheld from paychecks are known as ____
    Allowances
  9. 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
    W-2 Form
  10. An important part of the Social Security Act, ____ provides benefits to workers who lose their jobs through no fault of their own
    Unemployment Compensation
  11. A program that provides financial security to workers and their families in the event of an on-the-job illness or injury is called ____
    Worker's Compensation
  12. The ____ is the government body responsible for overseeing labor laws
    US Department of Labor
  13. The ____ is a law enact to set minimum wage and overtime hours
    Fair Labor Act
  14. The form used to determine the amount withheld from a paycheck for income taxes is the...
    W-4
  15. 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
  16. To obtain a work permit, you must submit proof of your...
    Age
  17. Arriving at work on time shows a personal quality known as
    Punctuality
  18. Employees owe their employers all of the following except...
    Fair Human Resource Policies
  19. You will receive a W-2 Form from...
    Each company for which you worked during the previous year
  20. Premiums for unemployment compensation payments to laid-off workers are paid by the...
    Government
  21. A character trait that the means you can be counted on to do what you say you will do.
    Dependibility
  22. 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.
    Evaluation
  23. Available only to people who will not earn enough in the year to owe any federal income tax.
    Exempt Status
  24. A summary of the income you earned during the year and all amounts the employer withheld for taxes.
    Form W-2
  25. Asks for your name, address, Social Security number, marital status and the number of exemptions you are claiming for income tax purposes.
    W-4
  26. Taking the lead, recognizing what needs to be done, and doing it without having to be told.
    Initiative
  27. A work habit based on respect.
    Loyalty
  28. Of such quality that the employer can sell it or use it to favorably represent the company.
    Marketable
  29. Providing new and current employees with the information and training they need to do their job well.
    Supervision
  30. Working cooperatively in order to achieve a group goal.
    Teamwork
  31. Four Benefits of the Social Security Act
    • Old Age Retirement
    • Medicare
    • Disability
    • Survivorship Income
  32. Getting $500 for funeral and an income if you're 18 years old or younger and your parents have died
    Survivorship Income
  33. 4 Examples of Allowances
    • Children
    • Spouse
    • Yourself
    • Elderly family members
  34. 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
  35. How to find Overtime Pay?
    Multiply Regular Hourly Pay by 1.5
  36. Pay without taxes taken out
    Gross Pay
  37. Pay left over after taxes (Paycheck)
    Netpay

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