front 1 salary or wages received from an employer | back 1 compensation |
front 2 workers hired for a short period of time or for specific projects | back 2 contract workers |
front 3 an employee who receives compensation based on the number of hours worked and an hourly wage | back 3 hourly employee |
front 4 Typically, a standard workweek is _____ hours, and overtime is considered any time _____. | back 4 40; over this amount |
front 5 payment for the amount of time worked beyond a standard workweek | back 5 overtime |
front 6 an employee who receives a fixed dollar amount of pay regardless of the number of hours worked | back 6 salaried employee |
front 7 Which group of workers is responsible for filing their own payroll taxes? | back 7 contract |
front 8 earnings statement (check stub) | back 8 a document showing wages, tax, health, and retirement deductions |
front 9 a document to calculate the dollar amount of federal tax withholdings | back 9 Employee’s Withholding Certificate (W-4) |
front 10 a court order to collect money from a debtor’s income | back 10 garnishment |
front 11 wages before taxes and deductions | back 11 gross earnings |
front 12 wages after taxes and deductions | back 12 net earnings |
front 13 PTO refers to _____, meaning _____. | back 13 paid time off; vacation and/or sick time |
front 14 Medicare and social security tax withholdings | back 14 Federal Insurance Contributions Act (FICA) |
front 15 withholdings to fund federal and state unemployment | back 15 Federal Unemployment Tax Act (FUTA) |
front 16 withholdings to fund each state’s unemployment claims | back 16 State Unemployment Tax Act (SUTA) |
front 17 _____ is healthcare for retired or disabled Americans. | back 17 Medicare |
front 18 Who sends FICA to the federal government? | back 18 the employer |
front 19 a form that documents non-employee annual wages over $600 | back 19 Form 1099 |
front 20 The Social Security Administration may provide benefits to | back 20 retirees, individuals with disabilities, minor children, widows, and widowers |
front 21 a form that documents an employee's annual wages, federal income, FICA tax, and retirement withholdings | back 21 Wage and Tax Statement (W-2) |
front 22 an amount paid to employees at their separation from employment | back 22 severance |
front 23 Which act states employers must maintain employee records for at least three years? | back 23 Fair Labor Standards Act |
front 24 states that revenue and expenses are recognized as they are incurred | back 24 accrual basis |
front 25 states that revenue is recognized when earned and expenses are recognized when paid | back 25 cash basis |