Test Flashcards
(17 cards)
The total amount you earn before any deductions are subtracted
Gross Pay
What is salary?
May be stated as an annual amount
The annual amount is divided into equal amounts to be paid each day period
The functions of a labor union
a group of people who work in the same or similar occupations, organized for the nefeit of all employees in these occupations
How to calculate overtime pay
1.5 times the regular rate
What is optional to deduct from a paycheck
Health insurance, dental insurance, long term care insurance.
What is mandatory to deduct from a paycheck.
Social security taxes, federal income tax, regular tax
Self employed deductions
Social Security and medicare tax, employer matching contributions
What is flextime
A work schedule that allows employees to choose their working hours within define limited
why is Profit sharing benefit to companies
The more the company makes, the more the company has to share with the employees
Incentive pay- money offered to encourage employees to strive fro higher levels of performance
What is net pay
When all deductions are taken out of your gross pay
Gross pay- deductions= net pay
A job design in which two people share one full time position
Job sharing
n attempt to influence public officials to pass laws and make decisions that benefit the profession
lobbying
a group of people who work in the same or similar occupations, organized for the nefeit of all employees in these occupations
Labor unions
Bonuses are incentive pay based on quality of work done, years of service, or company sales or profits
Bonus pay
the process of negotiating a work contract for union members
collective bargaining
Some employers allow employees to temporarily leave their jobs (without pay) and return to their jobs in a later
time
Leaves of absence
a work schedule that fits the normal 40-hour workweek into less than five days
compressed workweek
