Employee Compensation Components Final Assessment
Question: What defines withholding?
Answer: Amount of wages which are not included in an employee’s paycheck
Question: What is the difference in a Flexible spending account (FSA) and health saving amount (HSA)?
Answer: HSA belongs to the employee while FSA belongs to the employer
Question: The electronic transfer of wages into an employee’s account refers to which of the following?
Answer: direct deposit
Question: what is a mandatory document to be completed upon hire?
Answer: W-4
Question: What is not considered a mandated deduction?
Answer: sales tax
Question: What is overtime pay rate?
Answer: Time-and-a-half
Question: What is a pension plan?
Answer: a form of retirement plan in which employers contribute money to a plan which provides employees a monthly income during retirements
Question: How often are paychecks stubs provided?
Answer: every pay period
Question: Someone is paid $550 per week, but only brings home $375 due to deductions. What is their net earnings?
Answer: $375
Question: What is a meant motive an employee to exceed organizational expectations?
Answer: incentives